Real Estate News 11/20/2023

Today’s News Synopsis:

U.S. pending home sales rose 1% month over month in October to the highest level in a year on a seasonally adjusted basis. They fell 4.8% from a year earlier, but that’s the smallest annual decline in almost two years.

In The News:

Redfin – “Pending Home Sales Rise to Highest Level in a YearRising Interest in House Hacking Among Young Home Buyers“ (11-17-2023)

“New listings were near their six-month high in October, helping drive an increase in pending sales, though buyers backed out of deals at the highest rate on record. The recent drop in mortgage rates could give sales another boost in November.”

Realtor.com –  “Weekly Housing Trends View — Data Week Ending Nov 11, 2023 ” (11-16-2023)

“This past week, the nation’s median listing price ticked up once again as the market continued to face tight inventory conditions.”

Yahoo Finance  –  “America may soon be in a recession, according to a famous rule” (11-15-2023)

“For financial markets the Holy Grail is a perfect leading indicator—a gauge that is both simple to monitor and consistently accurate in foretelling the future. In reality, such predictive perfection is unattainable. It is often hard enough to grasp what is happening in the present, let alone the future.”

CNBC –  “Yellen says high food and rent prices key factors in voters’ negative economic outlook” (11-20-2023)

“Treasury Secretary Janet Yellen pointed to consistently higher prices that Americans pay for food and rent vs. pre-pandemic levels as a major factor driving voters’ negative outlook on the economy.”

Yahoo Finance –  “Thanksgiving dinner gets cheaper turkey, but cost of canned goods, sugar increases” (11-15-2023)

“Compared to last year, the cost of groceries rose 2.1%, leaving the consumer “still a little bearish on the economy.”