Capital District NY – INFO THAT HITS US WHERE WE LIVE
QUOTE OF THE WEEK… “For the resolute and determined there is time and opportunity.” –Ralph Waldo Emerson, American essayist, lecturer, and poet
INFO THAT HITS US WHERE WE LIVE… No one has been more resolute and determined than those working in the housing market and, yes, more opportunities are arising. Last Tuesday new single-family home sales were reported up 2.1% in May, to a better than expected 476,000 annual rate and up 29% versus a year ago.There were 4,000 more units in inventory, so the months’ supply edged up to 4.1, despite the faster sales pace. But that’s well below the 5.7-month average of the last 20 years and near the 4-month average of the 1998-2004 housing boom. So as sales grow, builders do have room to increase inventories.
The median sales price of new homes, at $263,900, is up 10.3% versus a year ago, while the average price of $307,800 is up 9.6% for the year. And prices are up for all kinds of sales. The FHFA index of prices for homes financed with conforming mortgages is up 7.4% in the last year. The Case-Shiller index of home prices in the 20 largest metro areas is up 12.1% from a year ago. Both indexes have been up for 15 months in a row. Thursday, Pending Home Sales (contracts signed) hit their highest level in six years, up 6.7% in May and up 12.1% versus a year ago. This forward-looking indicator points to solid gains for existing home sales in the months ahead.
BUSINESS TIP OF THE WEEK… As you attempt to develop new ideas, avoid relying on what worked in the past. Instead, focus like Steve Jobs on understanding customers’ unmet needs, then figure out how to meet them.
Loan Officer at PrimeLending
648 Plank Rd. Suite 203
Clifton Park NY 12065
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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Cell: 1 (518) 588-2319 ~ Fax: 1(866) 588-6066