Mortgage and Market Update
Economic News...was light for the week but there was some on the housing sector. The Housing Market Index was lower reflecting weaker conditions in the Northeast and South. The West led the way. Housing Starts were robust with the multi-family component making up the majority of the gains. Now....news on the California Housing Market courtesy of CAR....Home prices have reached the highest level since May of 2008. The median price in March was $333,380 up 13.7% from February which is the largest monthly increase since 1979....which is also when CAR began tracking the figures. Median prices have risen 28.2% since the same month last year. Available inventory of homes for sale is down to a 2.9 month supply. This was at 4.2 months for the same period last year. The reduction in inventory has homes getting into escrow quicker as well. Currently 29 days on average versus 52 last year. The housing market is certainly looking “golden” in the Golden State.
Mortgage Markets...Mortgage rates were steady this week. The 10 Year Note is currently trading at 1.707% which is virtually unchanged from last week’s closing yield of 1.723%.
Next Week’s Market Moving Reports...Monday: Existing Home Sales Tuesday: New Home Sales Wednesday: Durable Goods Orders Thursday: Jobless Claims Friday: Gross Domestic Product, Consumer Sentiment
While I do not originate mortgages, I make it a habit to keep abreast of market & home loan conditions. If you are thinking of purchasing a home the first step is to meet with a mortgage professional. I will gladly provide several top-notch Bay Area advisers for your review if you are in need of a referral.
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