First-time Buyers Fall for Existing Homes
SCHomeReporter.com
Mortgage News First-&me Buyers Fall for Exis&ng Homes First-&me buyers helped drive Exis&ng Home Sales higher in September aCer two straight monthly declines. Home sales jumped 3.2 percent from August with 34 percent of purchases made by first-&me buyers, the highest level in four years. All major regions saw an increase in closings, the Na&onal Associa&on of REALTORS®reported. New Home Sales rose from August to September as well, although the 3.1 percent increase came aCer August was revised lower to 575,000 units from the 609,000 originally reported. The good news is New Home Sales are up nearly 30 percent from September 2015. New home inventory is s&ll running below what is considered normal levels. New Construc on Also on the Rise
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Single-family Housing Starts, which account for the largest share of residen&al housing, surged 8.1 percent from August to September, offering a glimmer of hope to regions challenged by limited inventory. Overall, though, September Housing Starts slipped 9 percent from August to the lowest level in 18 months, dragged down by a significant decrease in mul&family starts. Building Permits, a sign of future construc&on, rose 6.3 percent from August.
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Home prices con&nued upwards throughout much of the country. Data analy&cs firm CoreLogic reported that home prices rose 6.3 percent from September 2015 to September 2016, and prices were also up 1.1 percent from August to September. The good news for home buyers is that tame infla&on and tepid economic growth have helped keep home loan rates near historic lows, which helps offset rising home prices. When infla&on rises, for example, it can impact home loan rates because infla&on reduces the value of fixed investments like Mortgage Bonds, to which rates are &ed. While Mortgage Bonds and home loan rates worsened in the immediate aCermath of the elec&on, for now, home loan rates remain near all-&me lows. If you have any ques&ons about home financing, please contact me today!
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Off-Market!
4 Bedrooms
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2 bathrooms
LAND
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