Home sales for new builds were up but not as much as expected. We just don't have the inventory of new or existing homes. Here on the beautiful Central Coast of California we aren't building enough to cut into the demand.
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The Day Ahead: Home Prices, New Home Sales, Auction Cycle Begins
The news out of the manufacturing sector has been mixed at the very best with today's flash PMI pointing squarely to slowing growth at the beginning of the second quarter. The PMI slowed a sizable 2.6 points from the final March reading to 52.0 vs 54.6 and is down 2.9 points from last month's flash of 54.9.The housing sector is probably moving forward right now but not very quickly or very much. Yesterday's existing home sales report showed a dip in March with today's New Home Sales report showing a rise but one that's lower than expected. New home sales rose 1.5 percent in March in an easy comparison with an unusually weak month in February. The annual sales rate at 417,000 is 2,000 shy of the Economist consensus.
Dow is trading at 14,701+137.28the 10 yr bond is at 1.70 from 1.70 Yesterday, . Currently mortgages areunchanged from Yesterday
Conv. - 3.375%
FHA. - 3.25%
Average - 3.4%
Last year - 3.9%
Have a super day!!!
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