Info That Hits Us Where We Live – Multi-Family Sector
QUOTE OF THE WEEK… “Don’t talk unless you can improve the silence.” –Jorge Luis Borges, Argentine writer
INFO THAT HITS US WHERE WE LIVE… It certainly is a nice improvement over silence to report that Building Permits for new homes were up 5.2% in September, 6.2% in October, and are now up 13% in the past year. The multifamily sector is hot right now, accounting for most of the monthly increases and for 60% of the annual gains. But single-family permits were also up from September to October and are now at a seasonally adjusted rate of 620,000 units, an 8.8% gain versus a year ago. The Census Bureau said September and October Housing Starts would be released with November numbers onDecember 18.
Home prices also continued to strengthen. The S&P/Case-Shiller home price index went up 1% in September, to a 13.3% gain for the year, increasing in all 20 metros measured. The FHFA index of prices for homes financed by conforming mortgages edged up 0.3% in September and is up 8.5% over last year. Speaking of conforming mortgages, the acting director of the FHFA announced last week that the $417,000 conforming loan limit will not be lowered, good news for the housing market. A glitch: Pending Home Sales dipped 0.6% in October, but some expect existing home sales to start back up in December.
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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