Last week's economic news was dominated by speeches given by Federal Reserve presidents, the minutes from April's FOMC meeting and commencement address given by Fed Chair Janet Yellen. The latest readings for new and existing home sales were also released. Federal Reserve Speeches Suggest Concerns Over Monetary Policy Dependence, Low Inflation Here are highlights of comments made by each of the Fed presidents' speeches. Richard Fisher, president of the Dallas Fed, and John Williams, President of the San Francisco Fed, spoke at a conference held at the Bush Institute. Mr. Fisher said that 98 … [Read more...]
Existing Home Sales Rise As Home Inventory Shrinks
Home sales rose for the 11th consecutive month according to the National Association of REALTORS® Existing Home Sales Report for January. This is the first time this has occurred since the period between July of 2005 and May of 2006. National Average Home Price Up Over 12% Annually The national average home price in January was $173,600, which is 12.3 percent higher than for January 2012. Calculated on a seasonally-adjusted annual basis, Existing Home Sales data is compiled using completed sales of single family homes, condominium units and co-ops. January's existing home sales rose … [Read more...]
Existing Homes For Sale At Lowest Point In 11 Years
Home sales dropped last month, but not because demand was lacking. There are fewer homes for sale than at any time in the last 11 years. According to the National Association of REALTORS®, Existing Home Sales for December 2012 fell to a seasonally-adjusted, annualized rate of 4.94 million homes from November's tally of 4.99 million existing homes. The Existing Home Sales report is based on the number of closings for previously-owned, single-family homes, townhomes, condominiums and co-ops. It's estimated that existing homes account for 85 to 90 percent of all home sales nationwide. 2012 … [Read more...]
Pending Home Sales Index Cruises To Multi-Year High
Home buyers continue to push the U.S. housing market forward. In November, for the second straight month, the Pending Home Sales Index eclipsed its benchmark reading of 100, posting a value of 106.4. The Pending Home Sales Index (PHSI) is published monthly by the National Association of REALTORS®. It tracks homes under contract to sell, but not sold. The PHSI is relative index, comparing current contract activity to the activity of 2001 -- the first year for which "pending homes" were tallied for an index. The Pending Home Sales Index has posted an average score of 100.2 from January 2012 … [Read more...]
What’s Ahead for Mortgage Rates This Week: December 24, 2012
Mortgage markets worsened last week amid ongoing discussions budget and tax conversations in Washington, D.C., and the release of key housing and economic data. Mortgage rates climbed in Arizona and nationwide. Freddie Mac reported the average 30-year fixed rate mortgage rate at 3.37 percent nationwide for borrowers willing to pay an accompanying 0.7 discount points at closing, plus closing costs -- an increase of 0.05 percentage points from the week prior. The average 15-year fixed rate mortgage rate was listed at 2.65 percent nationwide with an accompanying 0.7 discount points plus a full … [Read more...]