Are higher rates taking a bite out of home sales?

October 21, 2013

 

 

“U.S. home resales fell in September and prices rose at their slowest pace in five months, the latest signs higher mortgage rates were taking some edge off the off the housing market recovery,” Reuters reports today. Economists told Reuters that the results could be chalked up to rising interest rates, stagnant salaries and high real estate prices. Here’s more:

The National Association of Realtors said on Monday home sales fell 1.9 percent to an annual rate of 5.29 million units. August’s sales pace was revised down to 5.39 million units from the previously reported 5.48 million units.

Economists polled by Reuters had expected home resales to fall 2.9 percent to a 5.30 million-unit rate.

Calculated Risk adds: “Inventory increased 1.8% year-over-year in September compared to September 2012. This is the first year-over-year increase since early 2011 and indicates inventory bottomed earlier this year.”

Comments

Second line needs to be looked by the editor.

Posted by talalkhan | Report as abusive
 

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  • # Editors & Key Contributors