Sign into yahoo headline news2/12/2024 So exactly what rates need to get to, what they need to fall to in order to spur some of that activity here has been up for debate here on the street. We have been trending to the downside here over the last four weeks. Now, when you take a look on a year-over-year basis, all four US regions did see a decline in transactions.Īnd obviously, as we've been talking about now for months, we have seen a massive slowdown in the housing market as rates have spiked. And when you take a look at the regional basis, what we're seeing in terms of these numbers, only the northeast saw monthly gains in these pending transactions in the month of October. And then this is the lowest national index since its origination in 2001, we should also note here, as well. ![]() Ultimately, it was estimated to be down 2% here. That is above the estimate of what was expected to come in here. That fell 1.5%, and that is month over month here. ![]() Pending home sales, we're continuing to track that. Video TranscriptīRAD SMITH: All right, everyone, we've got to get to some breaking economic data that's come out at the start of the 10:00 AM hour here. ![]() NAR Chief Economist Lawrence Yun says in a statement that "limited housing inventory is significantly preventing housing demand from fully being satisfied." Yahoo Finance Lice breaks down the report in the video above.įor more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. The Northeast was the only region to show monthly gains. The Pending Home Sales Index fell to 71.4, the lowest reading since the index was created in 2001. Pending home sales fell by 1.5% month-over-month in October, according to data released by the National Association of Realtors.
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