September home sales fall 18.7% in Mass. as summer sting lingers
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The summer mortgage crisis slammed the Massachusetts housing market in September, causing sales to plunge 18.7 percent.
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Sales of new homes fell more than expected in July, to their lowest pace since December, as higher mortgage rates cooled the housing market.
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WASHINGTON - Sales of existing homes plunged a record amount in September while median home prices dropped by the largest amount in nearly a year, reflecting deepening problems in the troubled housing market.
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For the year, sales of single-family homes were down by 13 percent, the biggest drop since a 17.7 percent plunge in 1982. The median price for a single-family home dropped to $217,000.
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Sales hit their lowest rate in over seven years, as tighter credit and rising inventories hurt the housing industry.
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New home sales posted an unexpected increase in September. Analysts, however, viewed the small gain as highly questionable given the severe credit crunch that rocked the housing industry this summer. They predicted further sales declines before the worst housing slump in more than two decades comes to an end.
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U.S. consumer confidence fell more sharply than expected in September while the pace of existing home sales slowed in August, according to reports on Tuesday, supporting the view the Federal Reserve would soon cut benchmark interest rates again.
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Pending sales of existing U.S. homes  fell 1.7 percent in October but held above the low hit in July,  suggesting the housing market is stabilizing, a real estate  trade association said on Monday.
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New single-family home sales fell 4.7 percent in December to its lowest rate in nearly 13 years while the median sales price dropped sharply and the inventory of unsold homes climbed, according to a government report on Monday that delivered more grim news for the battered housing sector.
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Resales of U.S. homes fell 2.7  percent in August, decreasing more than expected as mortgage  interest rates picked up in the early summer, a trade  association report showed on Friday.
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Maybe next spring. With the key selling season for the real estate market nearing an end, the hoped-for rebound in Massachusetts home sales hasn't materialized. Sales of single-family homes fell by as much as 9 percent in May from a year ago, accelerating from modest declines in April, according to data released yesterday.
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Analysts say 12 percent decline points to a slowing in demand because of higher interest rates. By Courtney Schlisserman. US sales of new homes fell 12 percent in November, the sharpest decline in more than
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The pace of new U.S. home sales rose in September from a weaker August number, and orders for long-lasting manufactured goods dropped, according to data released on Thursday that showed a slow-growing economy.
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Sales of existing U.S. homes fell  more than expected in July, as the housing market took a  breather from its record-toppling run, a trade association  report showed on Tuesday.
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The latest data indicates that slowing home sales and the rising number of properties for sale is forcing more sellers to reduce prices in many locations across the country.
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Sales of existing homes edged down 0.1 percent in October, but low mortgage rates continued to contribute toward what might become a record year in home sales, a trade association report showed on Tuesday.
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The pace of existing home sales fell   for a fifth straight month in August, hitting a 6.3 million   unit annual rate, according to a report from the National   Association of Realtors on Monday that was not as bleak as   economists had expected.