Inside Lending Newsletter From Kristen Zorda, Did Bad Weather Effect Closings?
QUOTE OF THE WEEK… “Don’t be afraid to go out on a limb, it’s where all the fruit is.”–Shirley MacLaine, actress and author
INFO THAT HITS US WHERE WE LIVE… It may seem like going out on a limb to predict housing will end up ahead for the year after last week’s New Home Sales report. New single-family home sales dropped 14.5% in March to a 384,000 annual rate. These sales are counted at contract signing, so some of the dip can be blamed on buyers staying home during February’s harsh weather in much of the country. More significantly, March’s median sales price for a new home was up 11.2%, the largest monthly gain ever, so potential buyers may have been put off. The report also does not count multi-family sales, such as condos.
Existing Home Sales fared better in March, dipping a slight 0.2%, to a 4.59 million annual rate. These sales are counted at closing, and severe weather in many parts of the country during January and February held down shopping that would have led to March sales. The existing homes inventory has also been tight. Happily, that inventory went up 90,000 units in March, suggesting a sales pickup in April and May. The median price of an existing home is up 7.9% over a year ago, which should bring even more homes onto the market. The February FHFA price index of homes financed with conforming mortgages is up 6.9% from a year ago.
BUSINESS TIP OF THE WEEK… If you need to make a big change to get your business back on track, experts say it’s critical to be confident, be willing to take risks, and be ready to answer critics’ objections.
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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