Info That Hits Us Where We Live – Single Family Home Sales Jump!
QUOTE OF THE WEEK… “The only thing that should surprise us is that there are still some things that surprise us.” –Francois de La Rochefoucauld, French author of maxims and memoirs
INFO THAT HITS US WHERE WE LIVE… Some observers were indeed surprised to see sales of new single-family homes jumped 35% from December to January. This put them at a seasonally adjusted annual rate of 543,000, according to the Mortgage Bankers Association (MBA). Their chief economist explained, “While the big jump may appear to conflict with other data,…our Builder Application Survey estimate is consistent with reports of home builder sentiment that show strength in the market for new homes.” In line with this, the MBA put mortgage applications for new home purchases up 27% over December.
Also surprising, particularly to those fearing another home price bubble, the National Association of Realtors (NAR) reported that nationally, the NAR housing affordability index shows that, excluding the last five years, homes in the U.S. as a whole are still more affordable than at any time since at least 1981. This was part of an article in the Wall Street Journal, which also said that the NAR found, “…the monthly mortgage payment as a share of median incomes remains unusually low. On a payment-to-income basis, then, home prices still look undervalued.”
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