House contracts signings at record levels
Based on the latest news, millions of Americans who have recently signed a series of home contracts in order to acquire houses that declined previous month, but this deal was still a record high for the last month when a season-wise downturn traditionally drains into the industry of the real estate. On Wednesday, the National Association of Realtors stated that the index of pending home sales that mostly declined to 2.6 percent to around 125.7 in November.
This figure was reportedly down from the revised reading of 129.1 of October. An index of hundred showcases the actual level of home contract activity in 2001. It was the 3rd straight month-wise drop. The agreements are signings are a barometer of approved purchases over the couple of months, that’s why Wednesday’s report may examine what could be a powerful winter for the housing industry.
The home contracts signing are still 16.4 percent ahead of they were determined previous year, because of a major summer rebound that followed a spring season slowdown because of the coronavirus pandemic. These signings in all four zones including South, West, Midwest and Northeast which decreased from October to November but are climb to double digits year-over-year through previous month.
Historically low interest rates are capturing prospective buyers into the industry, but the prices of home have gained significantly the last year because supply remains to all-time lows. According to the source, the home prices in the United States of America rose to 7.9 percent in October, the most reading recorded in June 2014. It is reported by S&P CoreLogic Case-Shiller 20-city in the home price index on Tuesday. Mortgage fiscal giant Freddie Mac registered previous week that the average rate on the thirty-year fixed rate on home loan remained at record lowest level of 2.66 percent.