These systematic barriers hindered the accumulation of wealth for African Americans for decades; this hindrance deprived many black families of the opportunity to pass down property and assets to future generations, thereby perpetuating economic disparities.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—decreased to 70.8 in May. Year-over-year, pending transactions were down 6.6%.
The program offered the latest home sales data and trends for Rockland County, updates on the NAR Commission settlement, and perspectives on topical business and political issues.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—decreased to 70.8 in May. Year-over-year, pending transactions were down 6.6%.
WASHINGTON—Pending home sales in May slipped 2.1%, according to a report released today (June 27) by the National Association of Realtors. The Midwest and South posted monthly losses in transactions while the Northeast and West recorded small gains. Year-over-year, all U.S. regions registered reductions.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—decreased to 70.8 in May. Year-over-year, pending transactions were down 6.6%. An index of 100 is equal to the level of contract activity in 2001.
“The market is at an interesting point with rising inventory and lower demand,” said NAR Chief Economist Lawrence Yun. “Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job-creating economy will lead to greater home buying, especially when mortgage rates descend.”
NAR predicts mortgage rates will remain above 6% in 2024 and 2025, even with the Federal Reserve cuts to the Fed Funds rate.
The association forecasts that existing-home sales will rise to 4.26 million in 2024 (from 4.09 million in 2023) and to 4.92 million in 2025 (from 2024). Housing starts are expected to rise to 1.382 million in 2024 (from 1.413 million in 2023) and to 1.492 million in 2025 (from 2024).
NAR anticipates the median existing-home price will increase to a record annual high of $405,300 in 2024 (from $389,800 in 2023) and to $412,000 in 2025 (from 2024). NAR forecasts increases in the median new home price to $434,100 in 2024 (from $428,600 in 2023) and $441,200 in 2025 (from 2024).
“The first half of the year did not meet expectations regarding home sales but exceeded expectations related to home prices,” explained Yun. “In the second half of 2024, look for moderately lower mortgage rates, higher home sales and stabilizing home prices.”
The Northeast PHSI ascended 1.1% from last month to 63.6, a decline of 2.3% from May 2023. The Midwest index dropped 0.4% to 70.4 in May, down 5.6% from one year ago.
The South PHSI lowered 5.5% to 83.7 in May, falling 10.4% from the prior year. The West index increased 1.4% in May to 56.7, down 2.1% from May 2023.
The program offered the latest home sales data and trends for Rockland County, updates on the NAR Commission settlement, and perspectives on topical business and political issues.
The Department of Financial Services sent a “Circular Letter” on Monday to all insurers advising them of the prohibitions.
Downstate Correctional Facility was a maximum-security prison until its closure in 2022.
Only Westchester saw a slight increase in closed sales for single-family homes, with a 4.6% gain.
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