The National Association of Realtors will release data on existing home sales in November at 10 a.m. ET.
Economists forecast that sales fell by 1.8% at a seasonally adjusted annual rate of 5.50 million, according to Bloomberg. Most homes that are bought and sold in the US are not brand new, making this the most active segment of the market.
“The post-election increase in mortgage rates, while not yet impacting sales activity, is expected to slow the pace of existing-home sales and house price appreciation in 2017,” said Mark Fleming, chief economist at First American, in a preview.
“Home price appreciation is typically more sensitive to mortgage rate increases and I expect to see a decline in the house price growth rate of almost a full percentage point by the end of 2017.”
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