Existing-Home Sales Plunge 6.4%, Mortgage Rates Blamed
Following two consecutive months of increases, existing-home sales dialed back at the end of 2018 and economists pointed to higher mortgage rates for most of last year as one of the main culprits. However, they’re optimistic a turnaround will be in sight for home sales in the spring season, particularly given that mortgage rates have started to decrease in recent weeks.
Total existing-home sales—which are completed transactions that include single-family homes, townhomes, condos, and co-ops—dropped 6.4 percent in December compared to November. Sales are now down 10.3 percent from a year ago, according to the National Association of REALTORS®’ existing-home sales report, released Tuesday.
You can see the full article here on Realtor.org
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January 25, 2019 at 3:04 am, Massachusetts Association of Realtors Cite Sales for 2018 off by 2% | Realtor Michael Mahoney in Boston with eXp Realty said:
[…] In all of my previous blog posts, all indicators show that interest rates will remain low. The did spike up at the end of 2018 and were blamed for some of the sales. You can read the blog post titled “Existing-Home Sales Plunge 6.4%, Mortgage Rates Blamed” here […]