Year’s Final US Housing Market Release Shows Sales Stuck At Record Low
There's nothing worse for a macro documentarian than a boring, but nevertheless notable, data release.
If it's boring, it's usually not notable, which means you can spare readers the trouble. If it's boring and notable, you have to document it, thereby subjecting the audience to drudgery you'd rather spare them.
It's with that in mind that US pending home sales were unchanged in November from October, according to data released Thursday. Consensus expected a small gain.
Apparently, an almos
This makes perfect sense though… Mortgage rates have not begin to reflect what has been signaled by the Fed.. Buyers would be silly to lock in a contract now with knowledge that the Fed has signaled cuts or at the very least no more hikes in the near-mid term. Unless you desperately needed to buy right now (or wanted to go through the hassle of refi-ing virtually right after closing on your property), what’s the difference if you window-shop for 3-6 months and then decide?
The same logic is at play as to why higher rates have not been hitting peoples pockets because if you’ve owned a property in the last 5 years would have been foolish not to lock in 30yr fixed rates below 5% given where rates were as there was only one direction they could go from virtually 0.