PT Solid Gold Berjangka | US Existing-Home Sales Decline to Cap Worst Year Since 1995
perumahan Existing-Home Sales AS Ekonomi AS PT SGB Solid Gold Berjangka Solid Group SG Berjangka
Solid Gold Berjangka | The provided information highlights a decline in sales of previously owned homes in the United States in December, marking the end of a challenging year for the housing market. Here are some key points from the data:
- Sales Performance: In December, there was a 1% decrease in contract closings compared to the previous month, resulting in a 3.78 million annualized rate. The overall performance for the year 2023 marked the lowest sales level since 1995.
- Market Challenges: The housing market faced difficulties throughout the year, with rising interest rates being a significant factor. The Federal Reserve’s decision to raise borrowing costs to the highest level since the early 2000s contributed to the challenges faced by the real estate market.
- Interest Rate Impact: The Federal Reserve has since changed its stance and began cutting rates, leading to a decrease in mortgage rates from their peak near 8% in October. However, existing homeowners appear hesitant to list their properties and move until rates fall further.
- Optimistic Outlook: Despite the recent decline in sales, there is optimism for a turnaround in the new year. The Chief Economist of the National Association of Realtors (NAR), Lawrence Yun, anticipates an increase in sales in the coming months. Lower mortgage rates and an expected increase in inventory are seen as positive factors.
- Inventory and Prices: The number of previously owned homes for sale dropped to 1 million in the last month, the lowest since March. The lack of inventory is contributing to elevated home prices, with the median selling price reaching $382,600 in December, reflecting year-over-year increases in all four regions.
- Market Conditions: The tight resale market is evident in the low inventory, with a 3.2-month supply at the current sales pace. Realtors generally consider anything below five months of supply as indicative of a tight market condition.
- Projections and Recovery: Projections from Fannie Mae suggest that a full recovery to the pre-pandemic sales rate in the resale market is expected to take years. Factors such as the high cost of homes relative to people’s incomes are cited as challenges.
- Additional Data: The article mentions positive signs such as increased mortgage applications for home purchases and improved homebuilder sentiment, which is expected to contribute to a boost in inventory of new construction.
In summary, the US housing market experienced a challenging year in 2023, with factors like rising interest rates impacting sales. However, there is cautious optimism for improvement in the new year, with lower mortgage rates and increased inventory expected to positively influence the market.