Will House Sales in Tustin Match “Soaring” U.S. Rate?

By
Real Estate Agent with The Associates Realty Group CA-01880463

Tustin house sales do usually respond in the seasonal pattern that is familiar in most other

areas. Spring and summer lead the way for weather-related, financial, school scheduling and other

family-related reasons. From now into well past July (and sometimes even August), house sales

activity can be counted on to peak. Those are the normal expectations.

But when any segment of U.S. house sales numbers quadruple expectations even before

spring bulbs see daylight, that’s worthy of special attention. That was the case last Thursday when

the Commerce Department reported that in February, purchases of newly built homes rose by more

than 6%. Since The Wall Street Journal’s panel of experts had forecast 1.4%, it drew headlines.

In fact, this was the second month in a row for sharp rises in U.S. new home sales—and

what could be a bright sign for Tustin’s own prospects as the spring selling season begins. Press

reports were, to put it mildly, enthusiastic:

MartketWatch: “New-home sales roar to a 7-month high”

Reuters: “...strength in housing should underpin economic growth”

ABC News: “Americans...snapping up new homes at the fastest pace since July”

Bloomberg: “U.S. New-Home Sales Climbed to a Seven-Month High”

CNBC: “[Sales] were the highest since July of last year—and that was the best

number since January of 2008”

Bloomberg’s Michelle Jamrisko deduced from the house sales rise that the impact from the

recent rise in borrowing costs was, at most, “modest.” That sentiment was echoed by the Realtor,

which quoted the National Association of Housing’s chief economist. “The uptick in mortgage

interest rates,” he said, “is having a minimal effect.”

We’ll have to wait and see whether that is true vis-à-vis the impact of mortgage interest rates

on Tustin’s own house sales. They might be either “modest” or “minimal”—or the prospect of

continuing hikes might induce more Tustin prospects to get busy sooner rather than later. If

“sooner” describes your own inclination, I hope you’ll decide to put thought into action by giving

me a call!

Oren Golanski
Realtor BRE # 01880463, The Associates Realty Group

 

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