US New Home Sales
US Home Sales Surge As People Move out of Big Cities
Starts Monday, October 26, 2020 at 01:30
Updated Monday, October 26, 2020
US pending 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% respectively in the last two releases, but in May the situation reversed. Home sales have been surging in recent month as US citizens move out of the big cities due to the unrest and the destruction. Please follow us for coverage of this event live by experienced market analysts.
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About US New 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.