Contracts to buy existing houses (i.e. pending home sales) in the United State fell to a record LOW by a longshot in August 2023, excluding the onset of COVID (April 2020). This is based on my own analysis of a new report from the National Association of Realtors (NAR). Also, based on my own analysis of their data, the August 19% year-over-year decrease is far worse than the historical average since 2010. This is based on a new report and data that was released on 9/28/23 from the NAR for their Pending Home Sale Index (PHSI), which is seasonally adjusted and annualized (making it easier to compare month over month changes).
I also shared a new report from the Mortgage Bankers Association (MBA) which showed the number of people submitting loan applications to buy houses is on par with the lowest levels since 1995.
In today’s video I share some additional leading indicators of our US housing market to gauge which direction we are headed.
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Compilation of Housing Market Forecast videos:
Reports I covered in today’s video:
https://www.nar.realtor/newsroom/pending-home-sales-tumbled-7-1-in-august
https://www.freddiemac.com/media-room
https://www.mba.org/news-and-research/newsroom/news/2023/09/27/mortgage-applications-decrease-in-latest-mba-weekly-survey
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.6% (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (inactive CPA lic #103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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#mortgagerates #Realtor #housingmarket
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