Existing home sales in the U.S. picked up again in November, after a surprising drop during October, according to a report by the National Association of Realtors. Existing home sales rose 5.6 percent.
Investing.com – U.S. existing home sales fell sharply in November to hit the lowest level in 19 months, dampening optimism over the health of the housing market, industry data showed on Tuesday.
Economists polled by Reuters had forecast existing home sales falling 0.6 percent to a rate of 5.20 million units in November. But in November, existing home sales, which make up about 90 percent of U.
Following the small MoM blip higher in existing home sales (though dismal YoY plunge), new home sales were expected to rebound in October (after plunging 5.5% MoM in September) but instead they utterly collapsed – crashing 8.9% MoM.
Toronto home sales plunge 35 per cent Tony Wong November 6, 2008 – The Toronto Star. Existing home sales fell by more than a third in October compared with a year
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U.S. Existing Home Sales Plunge in November National Association of realtors attributes 10.5% drop to new federal rules for mortgage forms
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November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted.
From the NAR: Existing-Home Sales Decline in Economic Uncertainty Existing-home sales – including single-family, townhomes, condominiums and co-ops – fell 8.6 percent to a seasonally adjusted annual rate of 4.49 million units in November from a downwardly revised level of 4.91 million in October, and are 10.6 percent below the 5.02 million-unit pace in November 2007.
Sales of existing homes plunged far more than expected last month as buyers recoiled from October’s financial wreckage on Wall Street. The median sales price fell by the largest amount on record.
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November existing home sales, according to the National Association of Realtors, plunged 10.5% from October to November. Note that this metric, as calculated, is the NAR’s "seasonally adjusted, annualized rate (SAAR)" metric. The point here is that the plunge in sales can’t be blamed on seasonality or the weather.