High Housing Prices Lead to Lower U.S. Pending Home Sales -- Market Talk

Dow Jones05-17

1249 ET - Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest decline in three months, Redfin says. Pending home sales also saw a week-over-week decline, unusual for early May. Inventory is losing momentum, too, as would-be sellers stay put to hang onto their low mortgage rate. The housing market slumped because of sky-high housing costs. The median U.S. home-sale price is up 4.7% year over year to a record $386,951. But affordability is starting to improve a bit: Daily average mortgage rates have steadily declined since the start of May, and this week's slightly softer-than-expected inflation report sent rates below 7% for the first time in over five weeks. (chris.wack@wsj.com)

(END) Dow Jones Newswires

May 16, 2024 12:50 ET (16:50 GMT)

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Pending home sales also saw a week-over-week decline, ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CFA.SI","symbol_name":"NikkoAM-STC Asia REIT","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2436727607","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2436727607","pubTimestamp":1715878200,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1249 ET - Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest decline in three months, Redfin says. Pending home sales also saw a week-over-week decline, unusual for early May. Inventory is losing momentum, too, as would-be sellers stay put to hang onto their low mortgage rate. The housing market slumped because of sky-high housing costs. The median U.S. home-sale price is up 4.7% year over year to a record $386,951. But affordability is starting to improve a bit: Daily average mortgage rates have steadily declined since the start of May, and this week's slightly softer-than-expected inflation report sent rates below 7% for the first time in over five weeks. 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