I'M CERTAIN those of you looking to sell your home or those of you who want a home- will find this helpful.
I've noticed more homes have hit the market lately and there have been fewer home sales. Here is some data I found interesting in the The Wall Street Journal. I'M CERTAIN those of you looking to sell your home or those of you who want a home- will find this helpful.
Below are some highlights from the article but keep in mind every neighborhood's market acts differently. *ASK ME to do research on the neighborhood you desire to know more about.
*Existing-home sales slipped 0.6% in June from the previous month to a seasonally adjusted annual rate of 5.38 million, the National Association of Realtors said Monday. Compared with a year earlier, sales in June declined 2.2%.
*Home sales have now declined on an annual basis in five of the first six months this year, a worrying trend since housing is considered a crucial indicator of overall economic health, economists say.
*Housing contributes about 15% to 18% of gross domestic product.
*Mortgage-application volume decreased 2.5% in the week ending July 13, compared with a week earlier, including a 5% decline in purchase applications, according to an index put out by the Mortgage Bankers Association last week.
*Weakness in the housing market is the latest sign that a nine-year-old economic expansion faces challenges.
*“One of, if not the most, rate-sensitive sectors in the economy is housing,” said Torsten Slok, chief international economist at Deutsche Bank Securities.
*There were 1.95 million existing homes available for sale last month, up 4.3% from the prior month and 0.5% from a year ago. That is the first yearly inventory increase since the middle of 2015, according to Lawrence Yun, the trade group’s chief economist.