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In November, American home sales suddenly tacked on, although recorded their greatest annual dive for 7-1/2 years due to the fact that the housing market was still plunged in weakness.
There are fears that the persistent housing market weakness could impact the broader economy that is still being backed by firm consumer spending.
The decreasing housing market isn’t anticipated to discourage the main American financial institution from lifting interest rates when Fed policy makers wrap up a two-day policy gathering on Wednesday. Eventually, the Fed has had borrowing costs ramped up three times in 2018.
As some experts pointed out, the trend in US housing is speeding down because affordability takes a bite.
According to the National Association of Realtors, existing home sales ascended by 1.9% to a seasonally updated annual rate of nearly 5.32 million units in November. As for October's sales tempo, it wasn’t updated, sticking with 5.22 million units.
For two straight months sales have managed to leap.
Market experts had hoped existing home sales would slip by 0.6% to 5.20 million units last month.
However, in November existing home sales headed south by 7% from last year, which turns out to be the largest annual sink since May 2011.
For the first 11 months, sales have dived by 2.3% in contrast with the same period of 2017.
The housing market is being impacted by higher mortgage rates, to say nothing of land as well as labor shortages that have provoked tight inventory. Despite house price inflation has speeded down considerably, it keeps outpacing wage surge, thus scaring away some first-time homebuyers.
Monday’s poll demonstrated that in December confidence among American single-family homebuilders dipped to more than a 3-1/2-year minimum. By the way, in November, single-family homebuilding sank to a 1-1/2-year minimum.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The US will reveal Non-farm payrolls today at 15:30 GMT+3. Here are the forecasts of 8 major banks regarding the upcoming NFP report. The common forecast (market consensus) is 500K. What’s yours?
The United States will release the weekly Unemployment Claims on Thursday, at 15:30 MT time (GMT+3).
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
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