Signed contracts on new homes fell more than expected in October due in part to elevated mortgage rates. However, sales remain higher than a year ago as the tight supply of existing homes for sale means buyers are turning to new construction. Yet, builders still need more completed homes to meet the level of demand, and this tight supply will continue to be supportive of home prices
Pending Home Sales (signed contracts on existing homes) surged 8.3% from November to December, due in large part to falling mortgage rates per the NAR. Their Chief Economist, Lawrence Yun,
Sales of existing homes slid 1% from November to December, though sales are expected to move higher this year. NAR’s Chief Economist, Lawrence Yun, explained that “mortgage rates are meaningfully
Represented as Legacy Mortgage and Investment Corporation in the State Of California.
