US Existing Home Sales
Home Sales Continue to Surge in the US, As People Move From Coastal to the Interior Cities
Starts Tuesday, March 23, 2021 at 14:00
Updated Friday, March 19, 2021
US home sales turned negative in October 2019 in the US, posting a 1.7% decline. In November, home sales increased by 1.2%, but in December they posted a massive decline of 4.9%, so in total home sales declined by 5.4% in Q4 of last year. Although, the report released in February showed a massive increase of 5.2%, so this year started off pretty good. But, it got worse, as the economy shut down on coronavirus, and we have seen some major declines of 20.8% and 21.8% in spring last year during the lockdowns, but in May the situation reversed. Home sales have been surging in recent month as US citizens move out of the big cities and into the suburbs or the interior areas of the US, due to the unrest and the restrictions. Please follow us for coverage of this event live by experienced market analysts.
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About US Existing Home Sales
This is the annualized number of new homes sold in the previous month. It is an indicator of medium importance. It gives us a clue of how the economy will perform in the coming weeks. The number represents the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction. sale of a home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction.