Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
After three months of weaker volume, homebuyers returned to the market in October, especially in the South.
The pending home sales index, which measures signed contracts to buy existing homes, rose 3.5 percent for the month, but is still 0.6 percent lower than October 2016. That is the highest level since June, but September's reading was revised down.
The index, from the National Association of Realtors, is a forward-looking indicator for closed sales one to two months out.
Sales were strongest in the South, jumping 7.4 percent for the month and 2 percent compared with a year ago. That was likely due to pent-up demand after two major hurricanes at the end of the summer. Realtors in Houston have remarked at how quickly the market bounced back following the devastating effects of Hurricane Harvey.
Sales were higher in the Northeast by 0.5 percent monthly, and in the Midwest by 2.8 percent. In the West, where prices are highest and inventory is slim, homes experienced a monthly decline of 0.7 percent. All three regions were lower compared with October 2016.
"Home shoppers had better luck finding a home to buy in October, but slim pickings and consistently fast price gains continue to frustrate and prevent too many would-be buyers from reaching the market," said Lawrence Yun, chief economist for the Realtors.
Yun is now predicting total home sales for 2017 will come in at 5.52 million, up just 1.3 percent compared with 2016. He blames the weakness entirely on a lack of listings.
"Existing inventory has decreased every month on an annual basis for 29 consecutive months, and the number of homes for sale at the end of October was the lowest for the month since 1999," said Yun. "Until new home construction climbs even higher and more investors and homeowners put their home on the market, sales will continue to severely trail underlying demand."
While sales of existing homes have been weak for much of this year, sales of newly built homes have been surging in the past few months. The latest reading for October, which also measures signed contracts, had new home sales up nearly 19 percent compared with a year ago, according to the U.S. Census.
Builders are benefiting from the shortage of existing homes for sale, but homebuyers are not. Home price gains are accelerating again, and affordability is weakening, especially at the low end of the market, where demand is strongest.
"In 2018, strong price growth will be met with higher interest rates in addition to possible tax changes that could make homeownership even more unaffordable than it is now," said Nela Richardson, chief economist at Redfin.
"Buyer demand is still high, even as homes become more expensive. Thus the biggest risk of 2018 is not a bubble in home prices, but that fewer middle-class buyers will be able to keep pace with price increases," Richardson added.