LOS ANGELES (AP) — Low mortgage rates have helped juice the housing market over the past decade, easing the way for borrowers to finance ever-higher home prices.
A run-up in rates in recent weeks is threatening to undo that dynamic, setting the stage for a slowdown in home sales this year as the increased borrowing costs reduce would-be buyers’ purchasing power.
Sales of previously occupied U.S. homes slowed in March to the slowest pace in nearly two years as a swift rise in mortgage rates and record-high prices discouraged would-be homebuyers.
Existing home sales fell 2.7% last month from February to a seasonally adjusted annual rate of 5.77 million, the National Association of Realtors said Wednesday.
LOS ANGELES (AP) — Shortly after moving to South Florida for a new job with the U.S. military, Shannon Kaufman and his wife, Wendy, signed up for a whole other mission: buying a home.
For months, they scoured listings, strategizing late into the night on which homes to target and working out how much they could afford, even if it meant using some of their retirement savings.
LOS ANGELES (AP) — Homebuilder stocks have lagged far behind the broader market during Wall Street’s swoon this year, weighed down by fears that rising mortgage rates could severely dampen sales.
Yet some Wall Street analysts say the selling may be overdone.
Sales of previously occupied U.S. homes fell in February as competition for a near-record low number of properties on the market drove prices higher and rising mortgage rates kept would-be buyers on the sidelines.
NEW YORK (AP) — Lowe’s Cos., the nation's second-largest home improvement chain behind Home Depot, offered an upbeat annual outlook after reporting strong fiscal fourth-quarter results that showed a still sizzling housing market.
Home Depot saw its sales remain strong in its fourth quarter as it continues to benefit from a sizzling housing market.
Sales for the three months ended Jan. 30 rose to $35.72 billion from $32.26 billion.
LOS ANGELES (AP) — Sales of previously occupied homes rose in January as a surge in buyers with cash and others eager to avoid higher mortgage rates snapped up properties, leaving the number of available houses on the market at a record low.
SILVER SPRING, Md. (AP) — Sales of new single family homes in December rose to their highest level in 10 months as buyers snapped up cheaper homes in anticipation of higher interest rates.
The increase put the seasonally adjusted annual sales pace to 811,000 for the month, according to the Commerce Department, an 11.9% increase over November's figure, which was revised down to 725,000 from 744,000.
WASHINGTON (AP) — Sales of previously occupied homes fell in December for the first time in four months as many would-be buyers were frustrated by a lack of available houses, which fell to the lowest level in more than two decades.
WASHINGTON (AP) — Sales of new single-family homes rose 12.4% in November, the fastest pace in seven months, as the housing industry continued to benefit from low mortgage rates and strong demand.
The November increase pushed the seasonally adjusted annual sales pace to 744,000 last month, the best showing since reaching 796,000 in April.
Sales of previously occupied U.S. homes rose for the third straight month in November, reflecting strong demand, low mortgage rates and intense competition for a relatively few number of properties on the market.
WASHINGTON (AP) — U.S. sales of new homes edged up 0.4% last month, coming in below expectations as housing prices continued to climb.
The Commerce Department reported Wednesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 745,000 last month from 742,000 in September.
Sales of previously occupied U.S. homes ticked higher in October, marking their strongest annual pace since January even as competition for relatively few properties on the market pushed prices higher.
WSHINGTON (AP) — Sales of new homes jumped 14% in September to the fastest pace in six months as strong demand helped offset rising prices.
The Commerce Department reported Tuesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 800,000 units last month which was well above what economists had bee expecting.
Sales of previously occupied U.S. homes bounced back in September to their strongest pace since January as mortgage rates tick higher, motivating buyers to get off the sidelines.
The National Association of Realtors said Thursday that existing homes sales rose 7% compared with August to a seasonally-adjusted annual rate of 6.29 million units.
LOS ANGELES (AP) — Even in the hottest U.S. housing market in more than a decade, new home construction has turned into a frustratingly uncertain and costly proposition for many homebuilders.
Rising costs and shortages of building materials and labor are rippling across the homebuilding industry, which accounted for nearly 12% of all U.S.
Sales of previously occupied U.S. homes fell in August and prices that have been soaring eased, the latest sign the housing market is cooling as intense competition leaves many would-be buyers on the sidelines.
WASHINGTON (AP) — Sales of new homes rose a modest 1% in July after a string of declines as new home prices soar to record levels.
Sales last month reached a seasonally adjusted annual rate of 708,000, the Commerce Department reported Tuesday.
Sales of previously occupied U.S. homes rose for the second consecutive month in July, though only modestly from a year ago, suggesting the red-hot housing market may be cooling a little.
Existing homes sales rose 2% last month from June to a seasonally-adjusted annual rate of 5.99 million units, the National Association of Realtors said Monday.
Sales of previously occupied U.S. homes rose in June, snapping a four-month losing streak, while strong demand for higher-end properties and ultra-low mortgage rates helped push prices to new highs.
SILVER SPRING, Md. (AP) — More Americans signed contracts to buy homes in May, a surprising rebound after months of cooling in the housing market, where lack of inventory has pushed prices to record levels.
WASHINGTON (AP) — Sales of new homes fell unexpectedly in May and the 5.9% retreat was the second consecutive monthly decline even as the median price hit an all-time high.
The May sales decline pushed sales to a seasonally adjusted annual rate of 769,000, the Commerce Department reported Wednesday.
WASHINGTON (AP) — Sales of previously-occupied homes fell for the fourth straight month in May as soaring prices and a limited number of available properties discouraged many would-be buyers.
Existing home sales dropped 0.9% last month from April to a seasonally-adjusted annual rate of 5.8 million units, the National Association of Realtors said Tuesday.