Inside Lending Newsletter From Kristen Zorda
QUOTE OF THE WEEK… “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time.” –Thomas A. Edison, American inventor and businessman
INFO THAT HITS US WHERE WE LIVE… In the housing market, we all keep trying and we certainly are succeeding, as Existing Home Sales were up 1.3% in April to a 4.65 million annual rate. This was the first sales increase in four months and the second monthly gain in the last year. Best of all, inventories shot up by 330,000 units, which was the third largest monthly increase on record since 1999. Many housing observers blamed the recent slower sales pace on a lack of inventory, so this jump up is very good news, pointing to a pickup in May and June sales.
Even better, New Home Sales shot up 6.4% in April, to a 433,000 annual rate. This brought a sigh of relief to everyone after last month’s numbers. Unfortunately, we still haven’t gotten the bounce we need off those sluggish winter sales. But compared to a year ago, the median price fell 1.3% and the average price dropped 5.0%, indicating builders recognize buyers’ price sensitivity and want to preserve affordability in today’s marketplace. The months’ supply of new homes dipped to 5.3 in April, below the 5.7 average of the last 20 years.
BUSINESS TIP OF THE WEEK… To work more effectively, prioritize the day’s tasks and get through the important ones first. Plus, be ruthless in committing time to ongoing efforts like social media: 5 minutes in the morning, 5 minutes end of day.
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