Info that Hits Us Where We Live
We who toil in the housing market must surely be very strong by now, having overcome some powerful forces, not the least of which has been the downward pressure on home prices. The latest evidence that pressure is letting up came with the Case-Shiller home price index, UP 0.4% for September and UP 3% versus a year ago. Nineteen of 20 metros reported higher prices not just for the month, but for the past three months! The FHFA index of prices for homes financed by conforming mortgages was UP 0.2% for September and UP 4.4% over a year ago.
New Home Sales were down 0.3% for October but are still in an up trend, 17.2% ahead of sales a year ago. The median price of $237,500 is UP 5.7% versus a year ago. The months’ supply is 4.8, near its lowest levels since 2005. The median number of months a new home is on the market before being sold is now down from 7.2 a year ago to 5.9, its lowest level in 5 years. Pending Home Sales (contracts on existing homes) also rose 5.2% in October, are up 13.2% from a year ago, and are at their highest sustained level in 5 years. Demand is definitely picking up.
Orson Klender, Licensed Associate Broker; Keller Williams Real Estate
518-588-2319 Focusing On Your Needs Is The Key To Our Success!
Kristen Zorda, Prime Lending Loan Officer
648 Plank Rd. Suite 203
Clifton Park NY 12065 Office: 518-366-7999