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New record for median priced homes {Market Report} August 13th

New record for median priced homes {Market Report} August 13th
August 13, 2018 abryant

Market Report - American Family Funding

 

 

 

It’s hard not to eat animals, I mean…they are made out of meat?

Imagination is something that sits up with dad and mom the first time their teenager stays out late.

The Earth is like a grain of sand, only bigger.

I’m astounded by people who want to ‘know’ the universe when it’s hard enough to find your way around Ikea.

When life closes a door, just open it again. It’s a door, that’s how they work.

 

Now The Market Report . . .

 

Although last week’s jobs numbers were lower than expected, employment remains strong. Unemployment claims this week unexpectedly fell to 213,000.

The strong labor market and robust economy are pushing up inflation, which could pressure rates higher. Import duties are also boosting price pressures.

Inflation and strong labor market data have economists forecasting the Fed will raise rates twice more in 2018. Mortgage rates have already factored this in.

 

According to NAR, the median price for a single-family home nationwide is at a record $296,000. That’s an increase of 5.3% year-over-year.

Weekly mortgage application numbers were down 3% from the previous week. The drop is being blamed on tight inventory and rising home prices

CoreLogic’s Home Price Index shows home prices rose by 0.7% in June over May. CoreLogic forecasts prices will increase 5.1% in the year going forward.

 

A committee is a group of people who individually can do nothing, but as a group decide that nothing can be done.

 

This week’s potential market moving reports are:

 

Monday, August 13th:         Survey of Consumer Expectations

Wednesday, August 15th:   Retail Sales, Industrial Production, Home Builder’s Index

Thursday, August 16th:       First Time Jobless Claims, Housing Starts

Friday, August 17th:            Consumer Sentiment

 

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.