Info That Hits Us Where We Live – Upward Trend Despite July
QUOTE OF THE WEEK… “Obstacles are those frightful things you see when you take your eyes off your goal.'” –Henry Ford, American industrialist
INFO THAT HITS US WHERE WE LIVE… The week ended with what some saw as an obstacle to reaching our goal of a full housing recovery. New Home Sales were reported down 13.4% in July to a 394,000 unit annual rate, well below consensus expectations. A disappointing report to be sure, but not the end of the recovery. We may have had one bad month, but we’re still on an upward trend, with new home sales up 6.8% and the median new home price up 8.3% versus a year ago. Also, the recent growth of existing home inventories is drawing buyers away from new homes.
Evidence of that buyer interest in existing homes came Wednesday with the news that Existing Home Sales grew 6.5% in July, at a 5.39 million annual rate. That’s the strongest pace since November 2009, and sales are now up 17.2% from a year ago. The median price dipped slightly, but is still up 13.7% versus a year ago. It was great to see sales up in all regions of the country, with single family homes leading the way, although condo/coop sales also gained. The FHFA index of prices for homes financed by conforming mortgages gained 0.6% in June and is up 7.8% in the past year.
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