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Housing Market
Pace
Nationwide, existing home sales bounced up two
percent this month.
Each month, the National Association of Realtors
tracks the number of existing homes sold. They
"annualize" the sales figures, calculating what the pace
of this month's sales would be on an annual basis.
Then, they make further adjustments, taking into account
seasonal factors (such as weather and school).
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Breaking things down, the
seasonally-adjusted annual pace of sales home rose
14.29% in the Northeast, 7.63% Midwest, 3.14%
West, and fell 4.23% in he South.
Some experts think that you get a more
accurate picture by comparing last year's figures
to this year. Using that model, sales were
up 7.54% over a year ago.
Sales in local communities will vary
depending on local factors. Contact me to
find out what is going on in your
neighborhood. |
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February figures were released by the
National Association of Realtors on March 24.
March figures will be released near the end of
April. | | |
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Good Economy or Bad?
Depending on who you listen to, the economy is
either doing great or doing terrible.
Bad economic news keeps interest rates down,
which keeps mortgage rates low, which makes homes more
affordable, which means more people want to buy
homes.
So if this is a terrible economy, it has been
good for homeowners and home buyers.
On the other hand, if the economy is doing great,
then we should be seeing the other things we've been
seeing. High GDP growth, more purchasing by
businesses, stock market increases during the last year,
and... eventually, the lagging indicator...new
jobs.
And interest rates go up.
Except interest rates haven't been going
up.
Which leads most experts a little amazed.
As a recovery takes hold, interest rates generally rise
on their own. When a lot of people want money, the price
goes up. That price is the interest
rate.
So is the economy doing great or doing
poorly?
Don't ask a politician. |
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Rate Outlook
Unless there is a surprise in the job growth
figures, rates should remain
stable. |
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Average House Prices
The average sales price increased 7.3% nationally
over the last twelve months.
By region, the Northeast increased in value by
10.54%, West 9.55%, Midwest 5.41%, with the South
showing an increase of 4.86%. |
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When looking at the graph, don't focus on
the month-to-month gyrations. Compare this year to
last
year. | |
