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QUOTE OF
THE WEEK... "A great pleasure in
life is doing what people say you cannot do"--Walter Bagehot, British
journalist, businessman, and essayist
INFO THAT HITS US WHERE WE LIVE... Last week we took great pleasure in seeing New Home Sales head up way beyond what the consensus expected, gaining 7.8% in February, to a 539,000 annual rate. This is home sales performance people say you cannot do in the nasty winter weather we had last month in much of the country. New home sales are now up 24.8% over a year ago. Some observers put this to buyers wanting to avoid possible higher mortgage rates later in the year. Their concerns stem from all the talk about the Fed raising rates as soon as midyear. The inventory of new homes dropped by 3,000, remaining very low, and the months' supply, at 4.7, is the lowest since June 2013.
The median sales price for a new home was up 2.6% over a year ago. The FHFA index of prices for homes financed with conforming mortgages gained 0.3% in January. It's up 5.1% in the past year, a nice increase, but slower than the 7.4% gain for the 12 months ending January 2014. Existing Home Sales edged up 1.2% in February, to a 4.88 million annual rate, up 4.7% from a year ago. This was the fifth month in a row of sales gains on a year-to-year basis. Sales where the buyer uses a mortgage loan are up 19.2% versus a year ago. Inventories remain at historically low levels, but the median sales price of an existing home is up 7.5% over a year ago. This should bring more sellers into the market.
BUSINESS TIP OF THE WEEK... Pay attention solely to the things that matter. Stay firmly focused on your goals and how you plan to reach them.
INFO THAT HITS US WHERE WE LIVE... Last week we took great pleasure in seeing New Home Sales head up way beyond what the consensus expected, gaining 7.8% in February, to a 539,000 annual rate. This is home sales performance people say you cannot do in the nasty winter weather we had last month in much of the country. New home sales are now up 24.8% over a year ago. Some observers put this to buyers wanting to avoid possible higher mortgage rates later in the year. Their concerns stem from all the talk about the Fed raising rates as soon as midyear. The inventory of new homes dropped by 3,000, remaining very low, and the months' supply, at 4.7, is the lowest since June 2013.
The median sales price for a new home was up 2.6% over a year ago. The FHFA index of prices for homes financed with conforming mortgages gained 0.3% in January. It's up 5.1% in the past year, a nice increase, but slower than the 7.4% gain for the 12 months ending January 2014. Existing Home Sales edged up 1.2% in February, to a 4.88 million annual rate, up 4.7% from a year ago. This was the fifth month in a row of sales gains on a year-to-year basis. Sales where the buyer uses a mortgage loan are up 19.2% versus a year ago. Inventories remain at historically low levels, but the median sales price of an existing home is up 7.5% over a year ago. This should bring more sellers into the market.
BUSINESS TIP OF THE WEEK... Pay attention solely to the things that matter. Stay firmly focused on your goals and how you plan to reach them.
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