Charts of the Week
U.S. Pending Home Sales
Chart of the Week for May 10, 2019 - May 16, 2019
The chart above shows the monthly percentage change in U.S. Pending Home Sales for the past year. This data is compiled into an index published by the National Association of Realtors.
U.S. Pending Home Sales increased by 3.8% in March 2019, only the third monthly increase over the past year. However, the index is down 1.2% year-over-year, which is the 15th consecutive month of annual decreases. Economists note that lower mortgage rates may be a reason for the recent increases, 30-year mortgage rates that were as high as 5.2% in 2018 fell to 4.5% as of late April 2019. Economists also note affordability as a factor, prices have been increasing with a shortage of existing home inventory. Economists are optimistic that a continued strong labor market and rising wages will help home sales improve this year and in 2020.
Posted by: sarah_oz@yahoo.com
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