On Friday, the US NAR (National Association of Realtors) data on US existing home sales had added to another blow on an inflation-embattled US economy, as existing home sales were plunged to a nearly 12-year low last month, cementing views that the US economy has entered into a recession as predicted by a number of heavyweight US lenders like of Goldman Sachs alongside JPMorgan Chase & Co.
According to data from US NAR (National Association of Realtors), US existing home sales were slumped 1.5 per cent in December, while over the past twelve months through December, existing home sales tumbled as much as 17.8 per cent compared to the same time a year earlier, marking off the steepest decline since the era of great financial depression of 2008.
US existing home sales dive to a 12-year-low
In tandem, in the day’s NAR data also had unfurled that the median of US prices rose by a 2.3 per cent last year on an annualized basis. Apart from that, latest set of catastrophic figure on US existing home sales came forth just a day after Government data had unveiled that the US single-family houses’ building permits fell to a nearly 2-1/2-year low, while overall home sales tumbled by 1.3 per cent last month, eventually adding to investors’ belief that the US housing market had entered into a recession.
Nonetheless, addressing that a marginal downward trend in mortgage rates could help recoup some loses in US housing market, a senior economic adviser at Brean Capital in New York, Conrad DeQuados said, “Existing home sales are somewhat lagging.
The decline in mortgage rates could help undergird housing activity in the months ahead”.