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
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
Date | Time (ET) | Release | For | Consensus | Prior | Impact |
M Aug 26 | 08:30 | Durable Goods Orders | Jul | –5.0% | 3.9% | Moderate |
Tu Aug 27 | 10:00 | Consumer Confidence | Aug | 77.0 | 80.3 | Moderate |
W Aug 28 | 10:00 | Pending Home Sales | Jul | 0.2% | –0.4% | Moderate |
W Aug 28 | 10:30 | Crude Inventories | 8/24 | NA | –1.428M | Moderate |
Th Aug 29 | 08:30 | Initial Unemployment Claims | 8/24 | 330K | 336K | Moderate |
Th Aug 29 | 08:30 | Continuing Unemployment Claims | 8/17 | 2.969M | 2.999M | Moderate |
Th Aug 29 | 08:30 | GDP – 2nd estimate | Q2 | 2.1% | 1.7% | Moderate |
Th Aug 29 | 08:30 | GDP Deflator – 2nd estimate | Q2 | 0.7% | 0.7% | Moderate |
F Aug 30 | 08:30 | Personal Income | Jul | 0.1% | 0.3% | Moderate |
F Aug 30 | 08:30 | Personal Spending | Jul | 0.3% | 0.5% | HIGH |
F Aug 30 | 08:30 | PCE Prices – Core | Jul | 0.2% | 0.2% | HIGH |
F Aug 30 | 09:45 | Chicago PMI | Aug | 53.0 | 52.3 | HIGH |
F Aug 30 | 09:55 | U. of Michigan Consumer Sentiment – Final | Aug | 80.0 | 80.0 | Moderate |