NAR Existing Home Sales Report

Dated: 12/28/2015

Views: 417

Yesterday, the National Association of Realtors (NAR) released their latest Existing Home Sales Report which covered sales in November. The report revealed that sales:

“…fell 10.5 percent to a seasonally adjusted annual rate of 4.76 million in November (lowest since April 2014 at 4.75 million)…”

That revelation gave birth to a series of industry articles, some of which quoted pundits questioning whether the housing market was slowing. In actuality, there is one rather simple explanation to much of the falloff in sales last month. It is likely the implementation of the “Know Before You Owe” mortgage rule, commonly known as the TILA-RESPA Integrated Disclosure (TRID) rule, which went into effect on October 3. These regulations caused house closings to be delayed by an extra three days in November. 

Three days might sound like a minimal difference. However, since there are only approximately 20 days in a month that a closing would normally take place (Mondays through Fridays), losing three days constitutes well over 10% of all closings. 

Here is more data from NAR's report:

Image title

Blog author image

Lisa Birdsong

Top 1% of Texas Real Estate Teams; McSam Realtor of the Year, 2016; Certified Residential Specialist, CRS D Best Realtor, 2016, 2017 Castle Hills Realtor Advisory Board, 2016; Windsong Ranch Real....

Latest Blog Posts

How To Buy A Home With Zero Money Down

No down payment? We have a list of homes in Dallas-Fort Worth area that qualify for 100% financing through USDA program. The criteria is specific, but we have lenders to help you determine

Read More

Lease To Own The Home Of Your Choice

The path to home ownership is easier than you think. There are numerous loans available to assist you, but if those don't meet your needs then we have another option for you. And it's affordable.The

Read More

Housing Starts Tumble In July

Homebuilding in the U.S. took a downward turn in July as housing starts declined 4.8 percent, falling short of analyst expectations, the Commerce Department said on Wednesday. Year-over year,

Read More

506 Connemara Celina TX For Sale

POOL HOME ON SPECTACULAR CUL-DE-SAC LOT BACKING TO GREENBELT & CREEK!  See more pictures and information here: Offered exclusively by Lisa Birdsong Group |

Read More