{"id":20564,"date":"2022-06-01T12:45:48","date_gmt":"2022-06-01T12:45:48","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20564"},"modified":"2022-06-01T12:45:50","modified_gmt":"2022-06-01T12:45:50","slug":"contract-signings-hit-slowest-pace-in-nearly-a-decade","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/contract-signings-hit-slowest-pace-in-nearly-a-decade\/","title":{"rendered":"Contract Signings Hit Slowest Pace in Nearly a Decade"},"content":{"rendered":"\n

Contract Signings Hit Slowest Pace in Nearly a Decade<\/p>\n\n\n\n

The housing market is slowing: Pending home sales fell 3.9% in April, marking the sixth consecutive month for declines and the slowest pace in nearly 10 years. NAR\u2019s Pending Home Sales Index\u2014a forward-looking indicator of home sales based on contract signings\u2014was down 9.1% in April compared to a year earlier.<\/p>\n\n\n\n

Lawrence Yun, NAR\u2019s chief economist, attributes the slowdown to the recent sharp rise in mortgage rates, which are adding considerably to buyers\u2019 borrowing costs. Higher mortgage rates have increased the cost of purchasing a home by more than 25% compared to last year. In many cases, that could mean the higher mortgage payments are leading up to $500 more per month for borrowers. Further, higher home prices add another 15% to that figure, Yun says. Also, households are facing rapid inflation that is increasing everyday costs, like fuel and food.<\/p>\n\n\n\n

While buyers face headwinds, current homeowners are seeing significant increases in equity. \u201cThe vast majority of homeowners are enjoying huge wealth gains and are not under financial stress with their home as a result of having locked into historically low interest rates, or because they are not carrying a mortgage,\u201d Yun says. \u201cHowever, in this present market, potential home buyers are challenged and thus may attempt to mitigate the rising cost of ownership by opting for a 5-year adjustable-rate mortgage or by widening their geographic search to more affordable regions.\u201d<\/p>\n\n\n\n

Also, Yun says home sales could stabilize in the coming months if mortgage rates moderate at the current level of 5.3% and job gains continue.<\/p>\n\n\n\n

If rates climb to 6%, Yun forecasts that existing-home sales to slow by 9% in 2022. He predicts home price appreciation to moderate to 5% by the end of the year.<\/p>\n\n\n\n

\u201cHome prices appear in no danger of any meaningful decline,\u201d Yun says. \u201cThere is an ongoing housing shortage, and properly listed homes are still selling swiftly\u2014generally seeing a contract signed within a month.\u201d<\/p>\n\n\n\n

\"A<\/figure>\n\n\n\n

Source: <\/p>\n\n\n\n

National Association of REALTORS\u00ae<\/a><\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Contract Signings Hit Slowest Pace in Nearly a Decade The housing market is slowing: Pending home sales fell 3.9% in April, marking the sixth consecutive month for declines and the slowest pace in nearly 10 years. NAR\u2019s Pending Home Sales Index\u2014a forward-looking indicator of home sales based on contract signings\u2014was down 9.1% in April compared … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-20564","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nContract Signings Hit Slowest Pace in Nearly a Decade - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/contract-signings-hit-slowest-pace-in-nearly-a-decade\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-hit-slowest-pace-in-nearly-a-decade\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-hit-slowest-pace-in-nearly-a-decade\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Contract Signings Hit Slowest Pace in Nearly a Decade\",\"datePublished\":\"2022-06-01T12:45:48+00:00\",\"dateModified\":\"2022-06-01T12:45:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-hit-slowest-pace-in-nearly-a-decade\\\/\"},\"wordCount\":346,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-hit-slowest-pace-in-nearly-a-decade\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/magazine.realtor\\\/sites\\\/default\\\/files\\\/styles\\\/asset_image_full_content\\\/public\\\/assets\\\/images\\\/APR%202022-PHS.png?itok=X7hBaukD\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-hit-slowest-pace-in-nearly-a-decade\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/contract-signings-hit-slowest-pace-in-nearly-a-decade\\\/\",\"name\":\"Contract Signings Hit Slowest Pace in Nearly a Decade - 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