Inside Lending Newsletter From Kristen Zorda
QUOTE OF THE WEEK… “The trees that are slow to grow bear the best fruit.”–Moliere, French playwright and actor
INFO THAT HITS US WHERE WE LIVE… If the great French dramatist were alive today, he probably wouldn’t be concerned by signs of slower growth in the housing market. Perhaps we shouldn’t be either. Pending Home Sales dipped a miniscule 1.1% in June, but climbed for three straight months before that. This National Association of Realtors (NAR) index of contracts signed on existing homes was also above the 100 “average” level of contract activity for the second month in a row. The NAR’s chief economist said he expects existing home sales to edge up in the second half of the year.
That economist also observed, “The good news is that price appreciation has decreased to its slowest pace since March 2012 behind much-needed increases in inventory.” He added, “With rents rising 4% annually, potential buyers are less likely to experience sticker shock.” Corroborating that, the S&P/Case Shiller 20-City Composite index showed prices up 9.3% year over year in May, down from April’s 10.8% year over year gain. Analysts say the expanding inventory that’s slowing these price gains is a favorable trend, as it maintains affordability while increasing options for buyers.
BUSINESS TIP OF THE WEEK… In business, preparation is more critical than planning. When the unexpected happens, plans go out the window. But if you’re well-prepared, you can adapt with composure, and not panic.
Orson B.Klender, Associate Broker
Keller Williams Realty Saratoga Springs
38 High Rock Ave, Saratoga Springs, NY 12866
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