DFW Home Presales and Pending Sales Down

Rising interest are the blame for slowing home sales. “Real-estate agents sold 8,202 preowned houses last month, 4 percent below sales in October 2017. The slowdown in North Texas home purchases this year comes as home mortgage costs have risen to the highest level in seven years.”

“The Commerce Department reported last month that sales of new U.S. homes plunged 5.5 percent in September, the fourth consecutive monthly drop. The annual rate of home sales has declined 15.3 percent since May.

Builders had assumed that a strong economy would help fuel home sales, but newly constructed homes are increasingly a tough sell. There is 7.1 months’ supply of new homes on the market, the highest level since March 2011.

Sales of existing homes haven’t fared any better, falling for six straight months.”

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