NAR Has New Data: Is This the Beginning of the End of the Pandemic Housing Boom?

If you've been waiting for the world of real estate to calm down a bit, your holiday wishes may be about to come true. The National Association of Realtors (NAR) just released some new data on the housing market that may indicate things are finally trying to equalize a bit. After all, with mortgage rates poised to rise with the Federal Reserve working on ending its bond-buying program, it's going to cost more to buy a home going forward, which should, in a normal market, reduce potential buyers.

According to NAR, existing home sales were up 0.8% in October, month over month, but down 5.8% year over year. Overall pending home sales were also down 2.3% month over month and down 8% year over year, along with being down in every section of the country, with the midwest seeing the highest monthly pending sales decline of 3.5% and the northeast having the highest yearly pending sales decline of 18.5%. First-time homebuyers were down to 29% from 32% this time last year. Unfortunately, existing home inventory is also down to 2.3 months, a yearly decline of 4.2%

The point is, most things are looking down. But that's a good look for future buyers, maybe.

Source Fool.com