Info That Hits Us Where We Live-Saratoga Springs NY-Pending Home Sales, Down For August

QUOTE OF THE WEEK… “What is harder than rock, or softer than water? Yet soft water hollows out hard rock. Persevere.” –Ovid, Roman poet

INFO THAT HITS US WHERE WE LIVE… The Latin bard offers good advice in the wake of last Thursday’s Pending Home Sales, down 1.6% for August. Observers said rising interest rates were partially to blame for the dip in this measure of contracts signed but not yet closed on existing homes. But national average mortgage rates have dropped the last two weeks with the Fed’s announcement it would continue buying mortgage bonds, which should boost bond prices and keep rates low. Also helping us persevere is the fact Pending Home Sales are still up 5.8% for the year.

Further encouragement came from single-family New Home Sales, up 7.9% in August and 12.6% year-over-year. They’re now at a 421,000 annual rate, not where they need to be, but rebounding strongly. There were also signs of continued success for home prices. The S&P/Case-Shiller 20-city home price index was up 0.62% in July, its 18th consecutive monthly gain, with all 20 metros ahead. Its 12.39% annual gain was its biggest since early 2006. The FHFA price index of homes financed with conforming loans was up 1% in July, also gaining 18 months in a row, and up 8.8% annually.

 

Kristen Zorda
Loan Officer
648 Plank Rd. Suite 203
Clifton Park NY 12065
Office: 518-366-7999
PrimeLending, a PlainsCapital Company

Orson B.Klender,  Associate Broker

Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866

www.RealEstateSaleSaratogaSpringsNY.com

www.OrsonKlender.com

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Cell: 1 (518) 588-2319 ~ Fax: 1(866) 588-6066

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About Real Estate Agent in Saratoga Springs

As an agent who's an expert in this local area, I bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. I am eager to serve you.

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