Pending Home Sales Continue to Falter: Housing Market Update

Selling Real Estate
The housing market just went negative yet again. Pending home sales in the US have DECREASED over the last 2 months in a row. I share all the details in today’s housing market update including a real estate update on home prices thanks to a brand new report from Corelogic.

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According to the National Association of Realtors (NAR), pending home sales decreased by 1.8% from June to July 2021. In addition, year-over-year contract signings slipped 8.5%. On a regional level, only the West had an increase in contract signings from June but all 4 major regions recorded year-over-year decreases.

This is after existing home sales in the US have increased for the last 2 consecutive months but this is only the 2nd increase over the last 6 months. Also, new home sales slightly increased last month following 3 consecutive months of decreases per the US Census Bureau.

In addition, the much anticipated Corelogic S&P Case-Shiller home price index for June was released this week and that index was up 18.6% from a year ago. That is the largest gain in their almost 35yr history. This is following April and May’s previous record home price gains.

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr FRM stayed steady at 2.92% today for the current mortgage rates. This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.

Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
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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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#realestate #housingmarket #homeprices

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