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Keeping Current

November 14th, 2016 2:36 PM by Paul Rege , G.R.I, C.B.R. President

  • New home sales in September climbed 3.1% to an annualized rate of 593,000 units. Year-to-date, sales are running 13.4% ahead of the first nine months of 2015. 1

  • The median price of new homes sold in September was $313,500, up 1.9% from the median price in September 2015.1

  • The months’ supply of new homes on the market was 4.8 in September, a full month lower than the months’ supply figure from September 2015. The months’ supply figure indicates how many months it would take to sell the current inventory of new homes offered on the market at the current sales rate.1

  • The Federal Reserve’s policy-making committee said that the case for increasing its target rate “has continued to strengthen” but opted not to make any change during its early November meeting. Its next meeting is December 13-14.2

  • The annual survey of recent homebuyers shows that 88% financed their purchase, according to the National Association of Realtors®, up from 86% last year. First-time homebuyers financed 96% of the home price, on average, while repeat buyers typically financed 84%. 3

  • Preliminary estimates put economic growth at a 2.9% annual rate during the third quarter, more than double the 1.4% rate recorded the previous quarter. Over the past year, the economy grew 1.5%. 4

  • The homeownership rate was 63.5% in the third quarter, up from 62.9% in the second quarter. A year ago, the rate was 63.7%. 5

  • Productivity, or output per hour worked, rose at an annual rate of 3.1% in the third quarter, following three consecutive quarters of decline. Over the past year, productivity contracted 0.1%. Average annual growth during 2000-2015 was 1.9%. 6

The average rate on 30-year fixed-rate mortgages in Freddie Mac’s survey climbed 7 basis points to 3.54% during the week ending November 3. October’s average was 3.47%. All rates quoted have fees and points averaging 0.5% to 0.6% of the loan amount.7
Posted in:General
Posted by Paul Rege , G.R.I, C.B.R. President on November 14th, 2016 2:36 PM

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