|For the Week Ending June 23, 2017|
After recent reports on housing that have been less than stellar, this week’s reports show that the tide may be turning. From home prices, to existing sales, to loan applications for purchases, things seem to be
May’s existing homes sales report showed a very solid increase of 1.1 percent. This is a complete turnaround from the prior months decline of 2.5 percent. Single-family sales increased by 1.0 percent to an annual
Another positive in the housing report is the significant increase in supply. With prices moving higher, more homes are coming into the market. As I mentioned last week, homeowners are finally recognizing the increase
The West remains super-hot with sales up by 3.4 percent for the month of May. They are also higher by 3.4 percent from the same time last year. The South had the second strongest increase by percentage with an rise
Although the year started out strong but then mostly slowed during the Spring selling season, life seems to be returning to the housing market now. As mentioned a couple of weeks ago, there are some experts talking
Home prices also jumped according the Federal Housing Finance Agency. April home prices rose 0.7 percent. March was also revised upward to reflect a 0.7 percent increase. The year-on-year rate is up 4 tenths to 6.8
The Mountain region continues to be the strongest market with home prices being 8.9 percent higher than the same time last year. The South is the second strongest market for home values rising with an increase of
Next week’s potential market moving reports are:
• Monday June 26th – Durable Goods Orders
As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way I possibly can.
Please enjoy this quick update on what happened this week in the housing and financial markets.
|Crude oil prices have plummeted this week, which helps to curb inflation concerns. A lack of inflation helps keep mortgage rates low.|
|Although the economic outlook continues to improve, consumers are showing signs of declining confidence in their personal finances and may spend less.|
|Jobless claims were up slightly this week, hitting 241,000. In a sign of labor market strength though, this is the 120th week claims were below 300,000.|
|Nationwide, properties stayed on the market for a median of just 27 days in May. This was the shortest timeframe since NAR began tracking the data in 2011.|
|Existing home sales rose 1.1% month-over-month in May to 5.62 million. Existing home sales are now 2.7% higher than a year ago.|
|Inventory shortages continue to push home prices to new highs. The median existing home price was $252,800 in May, passing last June’s peak of $247,600.|
The older generation’s dream was to pay off the mortgage. The younger generation’s dream is to qualify for one.
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These
American Family Funding
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Santa Clarita, CA
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