PT Solid Gold Berjangka | US Pending Home Sales Index Slides to Record Low on High Rates
Ekonomi AS Pending Home Sales PT SGB Solid Group SG Berjangka Solid Gold Berjangka
Solid Gold Berjangka | The U.S. index of pending existing home sales fell to an unexpectedly record low as rising mortgage rates and high prices discouraged prospective buyers.
The gauge of contract signing from the National Association of Realtors was down 2.1 percent last month from 70.8 percent, the lowest reading of data back in 2001, the group said Thursday. The median estimate of economists surveyed by Bloomberg called for an increase of 0.5%.
“The market is at an interesting point due to increased inventory and lower demand,” Lawrence Yun, chief economist at Nar, said in a statement. “Developments in supply and demand suggest that house price growth will ease in the coming months. Inevitably, more inventory in a job creation economy leads to larger home purchases, especially when mortgage rates fall.”
The closure of previously owned homes is stuck at nearly 4 million per annum over a year, due to the so-called lock-in effect, in which sellers do not want to list their homes and parts at current low mortgage rates.
Potential homebuyers are being turned off by higher selling prices hitting a record 4 419,300 in May, although the market is gradually seeing a pick-up in the list. In a phone call with reporters last week, Yun pointed out with optimism that the supply of existing housing has increased by more than 18% from the previous year.
Source: Bloomberg