U.S. home sales hit three-year low, prices rise slowly
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U.S. home sales tumbled to their lowest level in three years in December and house price increases slowed sharply, suggesting a further loss of momentum in the housing market.
The weak report from the National Association of Realtors (NAR) on Tuesday was the latest indication of slowing economic growth. A survey last Friday showed consumer sentiment dropped in January to its lowest level since President Donald Trump was elected more than two years ago.
Existing home sales were now the weakest since Trump was elected, said MUFG Chief Economist Chris Rupkey, “signaling the initial confidence boost from the new ideas and new legislation is falling flat.”
The NAR said existing home sales declined 6.4 percent to a seasonally adjusted annual rate of 4.99 million units last month. That was the lowest level since November 2015.
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Economists polled by Reuters had forecast existing home sales falling 1.0 percent to a rate of 5.25 million units in December. Existing home sales, which make up about 90 percent of U.S. home sales, plunged 10.3 percent from a year ago.
For all of 2018, sales fell 3.1 percent to 5.34 million units, the weakest since 2015.
The housing market has been stymied by higher mortgage rates as well as land and labor shortages, which have led to tight inventory and more expensive homes.
But there are glimmers of hope. The 30-year fixed mortgage rate has dropped to a four-month low, with much of the moderation occurring in the second half of December, and house price inflation is slowing. The median existing house price increased 2.9 percent from a year ago to $253,600 in December. That was the smallest increase since February 2012.
Wage growth topped 3.2 percent in December, outpacing house price gains for the first time since February 2012, according to the NAR. While economists expect affordability to improve, they also caution that changes to the tax code in December 2017, which limited deductions for mortgage interest and property taxes, had reduced the appeal of homeownership.
Stocks on Wall Street were trading lower amid fears of slowing global economic growth after the International Monetary Fund trimmed its outlook. The dollar was little changed against a basket of currencies and U.S. Treasury prices rose.
BROAD WEAKNESS
A survey last week showed a rebound in homebuilders’ confidence in January amid hope that the moderation in mortgage rates “will help the housing market continue to grow at a modest clip as we enter the new year.”
A month-long partial shutdown of the federal government, which has delayed data from the Commerce Department is, however, obscuring the economic picture.
Source: www.reuters.com
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| A sold sign hangs in front of a house in Dallas, Texas September 24, 2009 |
The weak report from the National Association of Realtors (NAR) on Tuesday was the latest indication of slowing economic growth. A survey last Friday showed consumer sentiment dropped in January to its lowest level since President Donald Trump was elected more than two years ago.
Existing home sales were now the weakest since Trump was elected, said MUFG Chief Economist Chris Rupkey, “signaling the initial confidence boost from the new ideas and new legislation is falling flat.”
The NAR said existing home sales declined 6.4 percent to a seasonally adjusted annual rate of 4.99 million units last month. That was the lowest level since November 2015.
Sponsored
Economists polled by Reuters had forecast existing home sales falling 1.0 percent to a rate of 5.25 million units in December. Existing home sales, which make up about 90 percent of U.S. home sales, plunged 10.3 percent from a year ago.
For all of 2018, sales fell 3.1 percent to 5.34 million units, the weakest since 2015.
The housing market has been stymied by higher mortgage rates as well as land and labor shortages, which have led to tight inventory and more expensive homes.
But there are glimmers of hope. The 30-year fixed mortgage rate has dropped to a four-month low, with much of the moderation occurring in the second half of December, and house price inflation is slowing. The median existing house price increased 2.9 percent from a year ago to $253,600 in December. That was the smallest increase since February 2012.
Wage growth topped 3.2 percent in December, outpacing house price gains for the first time since February 2012, according to the NAR. While economists expect affordability to improve, they also caution that changes to the tax code in December 2017, which limited deductions for mortgage interest and property taxes, had reduced the appeal of homeownership.
Stocks on Wall Street were trading lower amid fears of slowing global economic growth after the International Monetary Fund trimmed its outlook. The dollar was little changed against a basket of currencies and U.S. Treasury prices rose.
BROAD WEAKNESS
A survey last week showed a rebound in homebuilders’ confidence in January amid hope that the moderation in mortgage rates “will help the housing market continue to grow at a modest clip as we enter the new year.”
A month-long partial shutdown of the federal government, which has delayed data from the Commerce Department is, however, obscuring the economic picture.
Source: www.reuters.com
Terima kasih karena telah membaca informasi tentang U.S. home sales hit three-year low, prices rise slowly . Silahkan membaca berita lainnya.
U.S. home sales hit three-year low, prices rise slowly
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