Keeping Current From Wayne Gaddy

Dated: 12/07/2017

Views: 256

  • New home sales hit its highest sales rate in ten years in October, reaching a seasonally adjusted annual sales rate of 685,000 units. That’s a 6.2% increase from September’s pace. Year-to-date, sales are running 8.7% ahead of last year’s sales through the first ten months.

  • More new homes were sold in the first 10 months of 2017 than were sold in each of the eight full years from 2008 through 2015.

  • The median price of new homes sold during October was $312,800, a 3.3% increase from the median sales price in October 2016.

  • Existing home sales rose 2.0% in October to a seasonally adjusted annual rate of 5.48 million homes. The median price of homes sold was $247,000, up 5.5% from a year ago.

  • Prices on homes purchased using agency financing rose 6.5% in the year ending in the third quarter of 2017. The FHFA House Price Index rose at a 6.1% average annual rate over the past five years and now stands 11.1% above its pre- recession peak, reached in mid-2007.

  • Home prices rose over the past year in each of the nation’s 100 largest metro areas. Eleven of the metro areas saw home price appreciation above 10%, with Seattle and Tacoma leading with gains of 14.5% and 12.9%, respectively. Two MSAs saw appreciation of less than 2%: Bridgeport, CT, (1.2%) and Camden, NJ, (0.5%).

  • The economy expanded at 3.3% rate during the third quarter, an upward revision from the 3.0% rate estimated last month.

  • The conforming loan limit for single-family properties will be $453,100 in 2018 for most of the country, up from $424,100 in 2017. Of the nation’s 3,143 counties (or county equivalents), 213 jurisdictions will have conforming loan limits above the baseline, up to $721,050 in Honolulu. In 68 jurisdictions, the conforming loan limit will not change in 2018; in no jurisdiction will the conforming loan limit decline.

  • The average rate on 30-year fixed-rate mortgages in Freddie Mac’s survey was 3.90% during the week ending November 30, down 2 basis points from the previous week. The rate averaged 3.92% in November. All rates quoted have fees and points averaging 0.4% to 0.6% of the loan amount.

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Wayne Gaddy

Experienced Top Producing Real Estate Broker/REALTOR® specializing in the Purchase and Sale of Residential Homes, Condos, Vacation Homes, New Homes and Investment Property. A Realtor® who has a prov....

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