Tuesday, August 27, 2013

Real Estate Economic report Aug 15-30. The Real Estate Scientist Justin Thayer / Team Thayer

 New Home Sales were reported down 13.4% in July to a 394,000 unit annual rate, well below consensus expectations. We are still on an upward trend, with new home sales up 6.8% and the median new home price up 8.3% versus a year ago. 

Existing Home Sales grew 6.5% in July, at a 5.39 million annual rate. That's the strongest pace since November 2009, and sales are now up 17.2% from a year ago. The median price dipped slightly, but is still up 13.7% versus a year ago. It was great to see sales up in all regions of the country, with single family homes leading the way, although condo/coop sales also gained. The FHFA index of prices for homes financed by conforming mortgages gained 0.6% in June and is up 7.8% in the past year. 

 Freddie Mac's Primary Mortgage Market Survey showed average fixed mortgage rates edging higher for the week ending August 22. Remember, mortgage rates can be extremely volatile, so check with your mortgage professional for up to the minute information. The Mortgage Bankers Association purchase loan index was up 1% for the week ending August 16.

I expect the market to hold value until Feb 2014! Then we should see another property value growth period until Oct of 2014.

Justin Thayer 
Broker & Armature Economist! 

Economic Calendar for the Week of Aug 26 – Aug 30

 DateTime (ET)ReleaseForConsensusPriorImpact
M
Aug 26
08:30Durable Goods OrdersJul–5.0%3.9%Moderate
Tu
Aug 27
10:00Consumer ConfidenceAug77.080.3Moderate
W
Aug 28
10:00Pending Home SalesJul0.2%–0.4%Moderate
W
Aug 28
10:30Crude Inventories8/24NA–1.428MModerate
Th
Aug 29
08:30Initial Unemployment Claims8/24330K336KModerate
Th
Aug 29
08:30Continuing Unemployment Claims8/172.969M2.999MModerate
Th
Aug 29
08:30GDP – 2nd estimateQ22.1%1.7%Moderate
Th
Aug 29
08:30GDP Deflator – 2nd estimateQ20.7%0.7%Moderate
F
Aug 30
08:30Personal IncomeJul0.1%0.3%Moderate
F
Aug 30
08:30Personal SpendingJul0.3%0.5%HIGH
F
Aug 30
08:30PCE Prices – CoreJul0.2%0.2%HIGH
F
Aug 30
09:45Chicago PMIAug53.052.3HIGH
F
Aug 30
09:55U. of Michigan Consumer Sentiment – FinalAug80.080.0Moderate