Pending homes cool off as prices continue climb
For the second consecutive month, pending home sales in the U.S. have seen a slight decrease. According to a new report from the National Association of Realtors, pending home sales in October fell 1.1 percent as affordability issues make their impact on the market.
Rapid price increases are straining buyers’ ability to buy new homes due to high demand and low inventory. These constraints are particularly felt by first-time home buyers and those looking in the lower end of the market.
Despite these recent dips, home sales continue to beat 2019 sales figures by leaps and bounds. As of October, contract signings for new home purchases are 20.2 percent above last year’s volume.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.
Rapid price increases are straining buyers’ ability to buy new homes due to high demand and low inventory. These constraints are particularly felt by first-time home buyers and those looking in the lower end of the market.
Despite these recent dips, home sales continue to beat 2019 sales figures by leaps and bounds. As of October, contract signings for new home purchases are 20.2 percent above last year’s volume.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.