Keeping Current From Wayne Gaddy

Dated: 12/07/2017

Views: 298

  • 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.

Blog author image

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....

Latest Blog Posts

Happy Autumnal Vernal Equinox

At 9:54 pm Eastern Daylight Time on Saturday, September 22, the Equinox occurs, and autumn officially begins in the Northern Hemisphere, and spring in the Southern Hemisphere. Here’s why…At any

Read More

If Your House Experiences Repeated Flooding

HORRY COUNTY (WMBF) – For homeowners’ experiencing repeated flooding after Hurricane Florence, one option may be to allow the local government to take over their property.This option is

Read More

Some Fun Facts About Red Front Doors

I recently bought a home that needed renovations, including a new front door.  When choosing the color of the door I Googled all kinds of color options and I found some pretty interesting

Read More

VA Loans MUST KNOW Basics

VA Loans... 3 Things To Know FirstOne of the benefits of joining the military is that service members and their families are eligible for a variety of financial benefits, includingVA.

Read More