US home sales crumble in May on higher rates and record prices, says Redfin [Yahoo! Finance]
PulteGroup, Inc. (PHM)
Last pultegroup, inc. earnings: 4/23 06:30 am
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Source: Yahoo! Finance
WHY IT'S IMPORTANT Housing affordability in the U.S. is at an all-time low. Median home prices have scaled record highs and the 30-year fixed-mortgage rate is hovering at around 7%. This has depressed both demand and supply. The number of homes for sale remains roughly 25% below pre-pandemic levels, according to Redfin. Home sellers are holding onto lower fixed mortage rates secured on properties during an era of cheap debt in the face of higher rates currently. In May, 407,959 homes were sold. Only October 2023 (398,537) and May 2020 (369,300) in the past decade have recorded fewer home sales than last month, as per Redfin data. BY THE NUMBERS Home sales fell 1.7% month-over-month in May on a seasonally adjusted basis and dropped 2.9% from a year earlier, while median home sale price rose to a record high of $439,716, up 1.6% month-over-month and 5.1% year-over-year, as per Redfin. Seasonally adjusted new listings rose 0.3% month-over-month in May and 8.8% from a year
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PHM
Earnings
- 4/23/24 - Beat
PHM
Sec Filings
- 5/31/24 - Form 11-K
- 5/8/24 - Form 4
- 5/8/24 - Form 3
- PHM's page on the SEC website