Saratoga Springs, NY-Info That Hits Us Where We Live
QUOTE OF THE WEEK… “The best preparation for tomorrow is to do today’s work superbly well.”–William Osler, Canadian physician and educator
INFO THAT HITS US WHERE WE LIVE… The work done in January in the housing market was done superbly well indeed, as Pending Home Sales were UP 4.5% over December and UP 9.5% versus a year ago. They’re at their highest level since April 2010, when home buyer tax credits were juicing up demand. Today’s demand is drawing down inventory in most areas, which is why the National Association of Realtors chief economist observed,”… we’re experiencing the strongest price growth in more than seven years.”
That view was doubly supported. The FHFA index of prices for homes financed with conforming mortgages was UP 0.6% in December and UP 5.8% the past year. The Case-Shiller index of home prices in 20 major metros, UP 0.9% in December, is UP 6.8% for the year, the biggest gain since 2006! Yet prices are still very affordable and mortgage rates remain low, so smart buyers are moving forward. New Home Sales shot up 15.6% in January, their fastest pace in five years. And they’re UP 28.9% from a year ago, to their highest level since July 2008.
648 Plank Rd. Suite 203
Clifton Park NY 12065
Orson Klender, Licensed Associate Broker; Keller Williams Real Estate
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