After months of reports of slowing home price momentum and forecasts of a lagging housing market, we are pleased to report an increase in volume of existing home sales.
Last week’s economic news was mixed, but economic reports for Non-Farm Payrolls and the National Unemployment rate suggest a strengthening labor sector. Pending Home Sales surpassed expectations in May and conversely, construction spending was lower than expected.
Last week brought several economic and housing sector reports including Existing Home Sales, Case-Shiller and FHFA home prices for April, as well as New Home Sales.
Last week’s economic news was dominated by speeches given by Federal Reserve presidents, the minutes from April’s FOMC meeting and commencement address given by Fed Chair Janet Yellen. The latest readings for new and existing home sales were also released.
Home sales rose for the 11th consecutive month according to the National Association of REALTORS® Existing Home Sales Report for January.
Home sales dropped last month, but not because demand was lacking. There are fewer homes for sale than at any time in the last 11 years.
In November, for the second straight month, the Pending Home Sales Index eclipsed its benchmark reading of 100, posting a value of 106.4.
Freddie Mac reported the average 30-year fixed rate mortgage rate at 3.37 percent — an increase of 0.05 percentage points from the week prior.