Another 5 Star Review

July 27th, 2017

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June New Home Sales Edge Higher

July 26th, 2017

The Commerce Department reported on Monday that New Home Sales in June rose a modest 0.8 percent from May to an annual rate of 610,000 units, which was in line with estimates. From June 2016 to June 2017, sales rose 9.1 percent. At June’s sales pace, there is a 5.4-month supply of homes for sale on the market, up 1.1 percent from May, though still below the 6 months considered normal.

 

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Another 5 Star Review July 24, 2017

July 24th, 2017

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June Existing Homes Sales Slip

July 24th, 2017

The National Association of REALTORS® (NAR) reported on Monday that Existing Home Sales in June fell 1.8 percent from May to an annual rate of 5.52 million units, below the 5.58 million expected. Sales are up only 0.7 percent year over year, the second lowest reading of 2017. The NAR said that the decline in sales is due in part to the ongoing theme: a low supply of homes for sale on the market. Total housing inventory is at a 4.3-month supply at the current sales pace and has fallen year-over-year for 25 consecutive months. Normal inventory levels are around 6 months. The median existing-home price for all housing types in June was up 6.5 percent from June 2016

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June Housing Starts Jump

July 19th, 2017

The Commerce Department reported on Wednesday that Housing Starts in June surged 8.3 percent to an annual rate of 1.215 million units, the highest since February and after three straight monthly declines. Single-family starts, which represents the largest share of the residential housing market, rose 6.3 percent, while the multi-family dwelling sector soared by 13.3 percent. Housing Starts were up 2.1 percent from June 2016. Higher lumber prices and shortages of workers and land space could be potential hurdles to jump in the near future for new home building.

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June 9th, 2017

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Low Inventories Fuel Home Price Gains

March 8th, 2017

CoreLogic, a leading provider of consumer, financial and property information, reported that January home prices, including distressed sales, rose 6.9 percent from January 2016 to January 2017 due in part to lean inventories of homes for sale on the market. From December 2016 to January 2017, prices rose 0.7 percent. CoreLogic’s chief economist, Frank Nothaft, said that “Many markets have seen housing prices outpace inflation.” Looking ahead, CoreLogic sees a 4.8 percent increase in prices from January 2017 to January 2018.fea_chart_030717_print

Home Price Gains Remain Robust

December 27th, 2016

Home price gains stayed robust in October, according to the S&P/Case-Shiller 20-city Home Price Index. Prices posted a 5.1 percent annual gain in October, up from 5.0 percent in September. Seattle, Portland, and Denver reported the highest year-over-year gains.

“Home prices continue to outpace gains in wages and personal income,” says David M. Blitzer, Managing Director & Chairman of the Index Committee. This trend cannot continue indefinitely, he noted.

November Existing Home Sales at 9-year Highs

December 22nd, 2016

The National Association of REALTORS® reported on Wednesday that Existing Home Sales in November edged higher by 0.7 percent from October to an annual rate of 5.61 million units, a 9-year high. Potential borrowers locked in before the presidential election on November 8 to secure low rates because the feeling was that rates may edge higher after the election results. Year-over-year, Existing Home Sales were up 15.4 percent, but that number could be distorted. “Know Before You Owe” or “TRID” rules went into effect November 2015, and last year many mortgage applications were pushed into December with the new requirements.

November Housing Starts Slide

December 19th, 2016

November Housing Starts fell 18.7 percent from October to an annual rate of 1.090 million units, well below the 1.225 million expected. October was revised slightly higher to 1.340 million from 1.323 million. Building Permits declined 4.7 percent from October to an annual rate of 1.201 million versus 1.236 million expected.