Pending home sales grew by 1.5% | Chappaqua Real Estate


 

Pending home sales grew by 1.5% in the month of September according to the National Association of Realtors (NAR).

The measure of the housing market was projected by economists to grow 1.0% in September from the month before.

In August, the pending sales of single family homes, condos, and co-ops fell 2.4%, declining by much more than the expected flat reading.

After the report for August, the NAR said the slowing number of homes under contract showed the “housing recovery could stall.”

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New home sales unexpectedly rise | Mt Kisco Real Estate


 

– New U.S. single-family home sales unexpectedly rose in September, pointing to sustained demand for housing even as data for August was revised sharply down.

The Commerce Department said on Wednesday new home sales increased 3.1 percent to a seasonally adjusted annual rate of 593,000 units last month, pulling them close to a nine-year high touched in July.

August’s sales pace was revised down to 575,000 units from the previously reported 609,000 units.

Economists polled by Reuters had forecast single-family home sales, which account for about 9.8 percent of overall home sales, falling to a rate of 600,000 units last month.

New home sales, which are derived from building permits, are volatile on a month-to-month basis and subject to large revisions.

Sales increased 29.8 percent from a year ago. They rose in the third quarter compared to the April-June period, indicating strong demand for housing.

Residential construction, however, likely remained a drag on gross domestic product in the third quarter.

Despite rising demand for housing, home building has been lagging, with builders complaining about land and labor shortages. Demand is being driven by rising wages as the labor market nears full employment, as well as by very low mortgage rates.

New single-family homes sales surged 33.3 percent in the Northeast and soared 8.6 percent in the Midwest last month.

Sales in the South, which accounts for more than half of new home sales, climbed 3.4 percent.

Sales fell 4.5 percent in the West, which has seen a sharp increase in home prices amid tight inventories.

 

read more…

 

http://www.reuters.com/article/us-usa-economy-newhomesales-idUSKCN12Q1VJ?il=0

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Home prices are continuing to rise


Case-Shiller: Rising house prices just below record highs | Pound Ridge Real Estate
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Home prices are continuing to rise; now mere basis points below the all-time highs for prices, set in 2006.

According to the latest data released Tuesday by S&P Dow Jones Indices and CoreLogic, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, reported a 5.3% annual gain in August, up from 5% in July.

Per the report, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index is currently at 184.42, which is within 0.1% of its record high of 184.62, set in July 2006.

The increase in August represents the 52nd consecutive month of positive gains.

According to the Case-Shiller report, the 10-City Composite posted a 4.3% annual increase, up from 4.1% in July, while the 20-City Composite posted a 5.1% annual increase, up from 5.0% in July.

The report states that Portland, Seattle and Denver turned in the highest year-over-year gains among the 20 cities for the seventh consecutive month, with year-over-year increases of 11.7%, 11.4% and 8.8%, respectively.

“Supported by continued moderate economic growth, home prices extended recent gains,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.

“All 20 cities saw prices higher than a year earlier with 10 enjoying larger annual gains than last month,” Blitzer continued. “The seasonally adjusted month-over-month data showed that home prices in 14 cities were higher in August than in July.”

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Consumer Confidence Rises | Bedford Corners Real Estate | #RobertPaulRealtor


The Consumer Confidence Index, reported by the Conference Board, rose in September. Compared with last month, consumers were more optimistic about both the current situation and the near term outlook. The Consumer Confidence Index rose to 104.1, from 101.8 in August.

Source: Consumer Confidence Rises | Bedford Corners Real Estate | #RobertPaulRealtor

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Case-Shiller up 5.1% | Mt Kisco Real Estate | #RobertPaulRealtor


United States S&P Case-Shiller Home Price Index   The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index rose 5.1 percent year-on-year in August of 2016, following a 5 percent increase in July and above market expectations of 5 percent.

Source: Case-Shiller up 5.1% | Mt Kisco Real Estate | #RobertPaulRealtor

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Freddie Mac real estate outlook | Armonk Real Estate | #RobertPaulRealtor


Freddie Mac (OTCQB: FMCC) released today its monthly Outlook for October showing that housing remains a bright spot in the face of a marginally improving U.S. economy and tight inventories of for-sale homes.

Source: Freddie Mac real estate outlook | Armonk Real Estate | #RobertPaulRealtor

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Low Mortgage Rates Sustain Improving Housing Markets | Chappaqua Real Estate | #RobertPaulRealtor


Freddie Mac released its Multi-Indicator Market Index® (MiMi®), showing two additional metro areas — Indianapolis, Indiana, and Columbus, Ohio — entering their historic benchmark levels of housing activity. The national MiMi value stands at 85.

Source: Low Mortgage Rates Sustain Improving Housing Markets | Chappaqua Real Estate | #RobertPaulRealtor

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