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Sales of existing homes plunged 10.5 m/m in November, to 4.76mn, well below forecast and consensus expectations for sales of about 5.30mn. The drop in sales was broad based across regions, with regional sales down between 6 and 15 percent on the month. The National Association of Realtors suggests that the Consumer Financial Protection Bureau's new "Know Before You Owe" rule, which went into effect on October 3 and requires new closing mortgage documentation, likely delayed sales past the end of the month.
The increase in the average closing time (41 days, November 2014: 36 days) and the November shift toward all-cash buyers (27%, previous: 24%) both support this conclusion.
"We expect delayed sales activity to be recouped in coming months as the real estate industry adjusts to these new regulations. Weaker-than-expected November sales suggest that a sizeable contraction in brokers' commissions will dampen otherwise solid residential investment growth in Q4", says Barclays.
