Market Update

QUOTE OF THE WEEK... "I have had a perfectly wonderful evening, but this wasn't it." --Groucho Marx, American comedian

INFO THAT HITS US WHERE WE LIVE... We have had a perfectly wonderful Pending Home Sales report, but the latest one wasn't it, revealing that the National Association of Realtors (NAR) pending sales index slipped in June. Thankfully, this was only by a mere 1.8% off May's reading, which, let's remember, was the highest in almost a decade. The June read was also 8.2% above June 2014, which made it ten months in a row that year-over-year Pending Home Sales have increased. The NAR's chief economist feels sales should continue at a solid pace for the rest of the summer, while the chief economist for a listing site noted that first-time buyers have made a marked comeback.

Some thought the May S&P/Case-Shiller Home Price Index wasn't perfectly wonderful either. It came in pretty much level with April, home prices rising 4.4% overall on a year-to-year basis. However, the chief economist of a real estate site observed, "This lack of monthly growth indicates a more sustainable housing recovery and a balance between buyers and sellers."  Finally, the homeownership rate dropped in the second quarter, although the chief property economist at a major economic research consultancy noted that "employment and incomes are growing at a healthy pace" and "there is no evidence of a fundamental shift in homeownership aspirations."

BUSINESS TIP OF THE WEEK... Focus on relationships, not transactions. Stay in touch with clients and always put their needs first. That way, they'll keep you in mind for referrals long after the deal is done.