In anticipation of the sale of American houses, last month fell for the first time since July, because the costs and prices with high loans in particular found the most expensive parts of the country.
In December, contracting signs fell by 5.5% to 74.2, according to a Thursday released National Association of Realtors index. The drop was weaker than all estimates in a Bloomberg research among economists and was most dragged through the West and Northeast, each saw their greatest monthly falls since 2022.
“Contract activity fell sharper in the expensive regions of the northeast and the West, where increased mortgage interest rate has significantly reduced affordability,” said Lawrence Yun, the most important economist of Nar, in a statement. “It is unclear whether heavier than usual wintry stroke influenced the timing of purchases.”
The mortgage interest that reached a low of two years of slightly over 6% in September have since returned to more than 7%. In the meantime, house prices have continued to rise, although at a slower pace.
The sale of a hanging house is usually a leading indicator for earlier ownership of Huizen, because houses usually go under contract for a month or two before they are sold. Last month’s signing sessions are not good for the new year after 2024
In anticipation of the sale, the largest home region, as well as the Midwest, also fell in the south.