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QUOTE OF THE WEEK... "Ask five economists and you'll get five different
answers--six if one went to Harvard." --Edgar R. Fiedler, American
economist
INFO THAT HITS US WHERE WE LIVE ... Last week you didn't need to consult even one economist to be able to evaluate the state of the housing market. You just had to read the reports. New Home Sales shot up 16.6% in April reaching a 619,000 unit annual rate, well above what the experts expected. This is the fastest pace we've seen in eight years. The U.S. Census Bureau's new home sales data is extremely volatile month to month, so it's important to look at the trend, which has stayed positive. In fact, sales are 23.8% ahead of where they were a year ago, clearly showing a strong climb back to normal for the new homes market.
On the existing homes front, we were treated to the latest National Association of Realtors (NAR) reading on contracts signed for the purchase of those homes. The NAR Pending Home Sales index zoomed up 5.1% for the month to hit a ten-year high, landing 4.6% above April a year ago. Pending home sales have now registered year-over-year gains for 20 months in a row. The NAR's chief economist opined, "the prospect of facing higher rents and mortgage rates down the road appears to be bringing more interested buyers into the market." Lending support to this view, the Mortgage Bankers Association reported purchase mortgage applications up 5% over the week before.
BUSINESS TIP OF THE WEEK... Always meet your clients' needs, but when the opportunity arises, do more than is required. The surest way to get ahead is to go the extra mile.
INFO THAT HITS US WHERE WE LIVE ... Last week you didn't need to consult even one economist to be able to evaluate the state of the housing market. You just had to read the reports. New Home Sales shot up 16.6% in April reaching a 619,000 unit annual rate, well above what the experts expected. This is the fastest pace we've seen in eight years. The U.S. Census Bureau's new home sales data is extremely volatile month to month, so it's important to look at the trend, which has stayed positive. In fact, sales are 23.8% ahead of where they were a year ago, clearly showing a strong climb back to normal for the new homes market.
On the existing homes front, we were treated to the latest National Association of Realtors (NAR) reading on contracts signed for the purchase of those homes. The NAR Pending Home Sales index zoomed up 5.1% for the month to hit a ten-year high, landing 4.6% above April a year ago. Pending home sales have now registered year-over-year gains for 20 months in a row. The NAR's chief economist opined, "the prospect of facing higher rents and mortgage rates down the road appears to be bringing more interested buyers into the market." Lending support to this view, the Mortgage Bankers Association reported purchase mortgage applications up 5% over the week before.
BUSINESS TIP OF THE WEEK... Always meet your clients' needs, but when the opportunity arises, do more than is required. The surest way to get ahead is to go the extra mile.
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