Real Estate & Market Report: August 29, 2014
Labor Day marks the unofficial end of summer, and as is normal, trading in the markets is extremely light.
Even though there is some movement in the indices, it is based on incredibly light volume of trading. It appears that unless there is a major crisis or occurrence in the world, little will happen in the markets.
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Even though the markets didn't show much interest, there was a significant amount of economic data released this week related to housing, the majority of it was positive. New home sales were revised upward for the month of May and June by a combined 28,000.
This offsets a lower-than-expected 412,000 annual sales rate for new home sales in July. Despite being lower than expected, the report indicates an increase over June's 406,000. The majority of the increase was in the South which increased 8.1 percent for the month.
One of the challenges to the new home sales market is limited inventory. We are not building as many homes as I believe demand is needed and that is keeping our home process elevated in many hi demand markets.
To finish the housing reports, and the week, on a positive note, the pending home sales index showed a strong jump of 3.3 percent. This increase was higher than virtually all analyst's expectations. The Northeast led the way with an increase of 6.2 percent. Home sales are getting a boost from new supply coming into the market and a slowing in price appreciation.
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Next week the major economic reports are:
- Monday September 1st - Labor Day, All Markets Closed
- Tuesday September 2nd - ISM Manufacturing Index
- Wednesday September 3rd - MBA Applications and ADP Employment Report
- Thursday September 4th - First Time Jobless Claims
- Friday September 5th - National Employment
As your mortgage professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way I possibly can. Please feel free to reach me at 661-505-4300