QUOTE OF THE WEEK... "Happiness is neither virtue nor pleasure nor this thing nor that but simply growth. We are happy when we are growing." --William Butler Yeats, Irish poet
INFO THAT HITS US WHERE WE LIVE... Confirming the insight of the Hibernian bard, the housing market happily kept growing in December. Existing Homes Sales went up 1.0%, to a 4.87 million annual rate. For all of 2013, 5.09 million existing homes were sold, up 8.9% from 2012, and the best annual sales level since 2006. Yes, existing home sales have slowed over the past few months, but this situation is not expected to last. Analysts observe that a lack of inventory has been leading some potential existing home buyers to purchase new homes instead. Existing home inventories, in fact, dropped 9.3% in December, close to all-time lows.
Observers see more homes coming onto the market this year, as prices move higher. Right now, existing home median prices are up 9.9% versus a year ago, to $198,000. Average prices are up 8.6% over last year. The FHFA index of prices for homes financed with conforming mortgages went up 0.1% in November. This was the smallest hike in 16 months, but the index is up 7.6% over a year ago. Economists expect home prices to keep edging up, though not as much as last year. They feel that as home builders ramp up, the additional supply will slow the rate of price gains compared to last year.
BUSINESS TIP OF THE WEEK... Don't get caught up responding to crises. Instead, have a plan for proactively tackling projects each day. Commit time for every task, then set aside an extra block for unexpected events.
| Kristen Zorda Loan Officer 648 Plank Rd. Suite 203 Clifton Park NY 12065 Office: 518-366-7999 |
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