Info That Hits Us Where We Live-Saratoga Springs- “Good vs. Bad Day”
QUOTE OF THE WEEK… “There are good days and there are bad days, and this is one of them.” –Lawrence Welk, American musician
INFO THAT HITS US WHERE WE LIVE… The famous band leader is aptly describing a day like today, when we have to report both a surprising boost in Housing Starts, along with an unexpected bomb from Existing Home Sales. Starting with the “good day” stuff,Housing Starts were up 22.7% in November, to a 1.091 million unit annual rate. This was well above expectations and the highest level for starts in more than five years.New Building Permits dipped slightly in November, but still beat forecasts, hitting a 1.007 million annual rate. Small wonder the NAHB home builders confidence index was up 4 points in December, to its highest level in 8 years.
The “bad day” news is the unexpected 4.3% drop in Existing Home Sales in November, to a 4.90 million annual rate. Many feel a lack of inventory is keeping sales down and there was in fact a slight decline in inventories for the month. In addition, existing home sales are counted at closing (versus new home sales, calculated when a home goes under contract). November sales went under contract in September and October. During the government shutdown in October, some closings were delayed because income couldn’t be verified by the IRS. This is why various analysts expect existing home sales to rebound in the coming months.
BUSINESS TIP OF THE WEEK… It’s critical to write down your financial goals and a strategy for reaching them next year. Be specific in describing the goals and be realistic, taking into account the trends in your industry.
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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