Real Estate News

 Privately-owned housing units authorized by building permits in September were at a seasonally adjusted annual rate of 1,215,000. This is 4.5 percent (±1.6 percent) below the revised August rate of 1,272,000 and is 4.3 percent (±1.7 percent) below the September 2016 rate of 1,270,000.  

Privately-owned housing starts in September were at a seasonally adjusted annual rate of 1,127,000. This is 4.7 percent (±8.1 percent)* below the revised August estimate of 1,183,000, but is 6.1 percent (±8.8 percent)* above the September 2016 rate of 1,062,000.

Sales of new single-family houses in September 2017 were at a seasonally adjusted annual rate of 667,000, according to estimates released jointly  by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 18.9 percent (±19.0 percent)* above the revised August rate of 561,000 and is 17.0 percent (±22.4 percent)* above the September 2016 estimate of 570,000.

After three straight monthly declines, existing-home sales slightly reversed course in September.   

     National average for 30 year mortgage money is 3.80%, 15 year money is at 3.14%. 5/1 arms are at 3.40% and Jumbo loans are at 4.10%.

     Homebuilder confidence in the market for newly-built single-family homes in the south was at 69 in October compared to 65 in September. (from the National Association of Home Builders/Wells Fargo Housing Market Index (HMI)). Any number above 50 means builders have a favorable view of the single family home market.

In 2017, the number of sales of existing homes is expected to rise about 3.5%, to 5.64 million, according to the midyear forecast from the National Association of Realtors®. The group predicts that existing-home purchases will rise an additional 2.8% in 2018, to 5.8 million (NAR).

"The combination of the stock market being at record highs, 16 million new jobs created since 2010, pent-up household formation, and rising consumer confidence are giving more households the assurance and ability to purchase a home (NAR).   

 Source: www.census.gov  www.realtor.com   www.nahb.org  www.bloomberg.com

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