Pending Home Sales Slide as Inventory Falls to Record Low
Signed contracts to purchase previously owned homes dropped last month as the number of homes on the market fell to a record low.
January 27, 2022 2 MIN
Signed contracts to purchase previously owned homes dropped last month as the number of homes on the market fell to a record low.
Builders sold 811,000 houses at an annualized and seasonally adjusted pace, the highest reading since March, the Commerce Department said in a report.
Phoenix led the 20-city index, as it has for more than two years, posting a 32.2% annualized advance in November, according to S&P Dow Jones Indices data.
Home sales weakened last month as the number of available properties dropped to the lowest ever recorded, NAR said.
The retreat in affordability came as the median U.S. home price rose to $353,900 in November, the highest ever recorded for the month.
Homebuilders' confidence declined in January, reversing four months of gains, as construction companies grappled with shortages of workers and materials.
Pending sales and property viewings in December fell to the lowest level since the start of 2021, a Redfin report showed.
Some of the nation's highest-flying markets in 2021 may see the smallest gains this year, the CoreLogic forecast said.
Pending home sales declined 2.2% as buyers competed for a shrinking pool of available properties, according to a report on Wednesday.
Prices for U.S. homes gained 18.4% in October, six times the increase recorded in the year before the pandemic began, according to the S&P CoreLogic Case-Shiller index.
Home shoppers are more concerned about flood risk, according to a Redfin report.
Metro areas in the Midwest and East Coast are proving to be the most affordable areas for homebuyers, according to a Redfin report.
The inventory of homes for sale is rising, giving buyers more choices, Realtor.com said in a report.
Early autumn is the "sweet spot" for people looking to buy a home, according to Realtor.com.
