New-Home Sales Increase to a Six-Month High
New-home sales in October rose to the highest level since April, according to a Commerce Department report.
November 24, 2021 2 MIN
New-home sales in October rose to the highest level since April, according to a Commerce Department report.
Existing home sales in October rose to the highest level since January, according to a Monday report from the National Association of Realtors.
Rates rose after a report showed inflation spiked to 6.2% in October as supply-chain bottlenecks caused by the pandemic fueled price increases.
Residential builders are still being challenged by a lack of materials and workers, said Mark Vitner, a Wells Fargo senior economist.
"Red-hot demand for workers" will send U.S. jobless rate tumbling, the economists said.
Homebuilder confidence rose in November, the third consecutive month of gains, despite supply-chain bottlenecks that slowed deliveries.
Consumer confidence fell in November to the lowest level in a decade as inflationary concerns weighed on the mindsets of Americans.
The top reason to move, according to sellers, was the desire to be close to friends and family. The No. 2 reason was the need for more space, according to the NAR report.
Record gains in home prices and a shortage of properties for sale have given sellers the most confidence they’ve ever had, according to a report from Fannie Mae.
Consumer prices rose last month at the fastest clip in more than three decades, signaling rates for home loans are likely to rise.
The economy added 390,000 jobs in May, giving leeway to Federal Reserve policymakers to pursue an aggressive plan to tighten monetary policy.
Mortgage rates in the U.S. dropped to a one-month low this week as investors diverted more money to the bond markets.
Economic confidence in the U.S. reached the lowest level since 2009, according to a Gallup poll conducted last month.
U.S. home prices gained 20.6% in March from a year earlier, the fastest national pace on record, according to S&P CoreLogic Case-Shiller Indices.
