Real Estate News

Sales of new single-family houses in February 2020 were at a seasonally adjusted annual rate of 765,000. This is 4.4 percent below the revised January rate of 800,000, but is 14.3 percent above the February 2019 estimate.

Sales of existing homes in the US surged 6.5 percent from January to a seasonally adjusted annual rate of 5.77 million units in February. It is the highest level since February of 2007. Single-family home sales were at a seasonally-adjusted annual rate of 5.17 million, up from 4.82 mil. in January. There were 1.47 million homes available. It would take 3.1 months to clear the current inventory at the current rate. The median house price increased 8 percent year-on-year to $270,100.

  Pending Home Sales Index  was up 2.4% in February, This is for contracts for purchase of existing single-family homes, townhomes, condos, and cooperative apartments. The February index was up 9.4%% YOY.

The national average rate for 30-year mortgage money is 3.75%, FHA 30-year
is 4.0, 15-year is 3.8%, Jumbo Loans average 4.75%, and 5/1 arms are 4.13%. 

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