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QUOTE OF
THE WEEK... "Nothing can
substitute for just plain hard work. I had to put in the time to get back. And
it was a grind." --Andre Agassi, American retired professional tennis
player and former World No. 1
INFO THAT HITS US WHERE WE LIVE... Realtors are clearly working hard, grinding out a 0.3% rise in Pending Home Sales in September, according to the National Association of Realtors (NAR). This measure of existing homes under contract but not yet closed is now 1% higher than a year ago, above year-over-year levels for the first time in 11 months. The NAR's chief economist commented, "...the current spectacularly low mortgage rates should help more buyers reach the market." He also observed "...supply for existing homes was up in September 6% from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year."
That slower rate of home price gains was confirmed by the latest S&P/Case-Shiller home price indexes. The 20-City Composite was up 5.6% year-over-year, but down from the 6.7% gain it posted in July. The National Index registered a 5.1% annual increase in August, down from 5.6% in July. But an economist at a major financial analytics firm said that in spite of the slowing rate of home price gains, every metro area covered in the current release recorded price growth compared with its year-ago level. That growth ranged from 0.8% to 10.5%. It makes sense that home price appreciation is slowing, since inventory has grown to 5.2 months, from 4.8 months a year ago.
BUSINESS TIP OF THE WEEK...With new prospects, look for something to agree on. It can be as simple as a mutual love of blueberries, but it still amounts to finding common ground.
INFO THAT HITS US WHERE WE LIVE... Realtors are clearly working hard, grinding out a 0.3% rise in Pending Home Sales in September, according to the National Association of Realtors (NAR). This measure of existing homes under contract but not yet closed is now 1% higher than a year ago, above year-over-year levels for the first time in 11 months. The NAR's chief economist commented, "...the current spectacularly low mortgage rates should help more buyers reach the market." He also observed "...supply for existing homes was up in September 6% from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year."
That slower rate of home price gains was confirmed by the latest S&P/Case-Shiller home price indexes. The 20-City Composite was up 5.6% year-over-year, but down from the 6.7% gain it posted in July. The National Index registered a 5.1% annual increase in August, down from 5.6% in July. But an economist at a major financial analytics firm said that in spite of the slowing rate of home price gains, every metro area covered in the current release recorded price growth compared with its year-ago level. That growth ranged from 0.8% to 10.5%. It makes sense that home price appreciation is slowing, since inventory has grown to 5.2 months, from 4.8 months a year ago.
BUSINESS TIP OF THE WEEK...With new prospects, look for something to agree on. It can be as simple as a mutual love of blueberries, but it still amounts to finding common ground.
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