This Week in Real Estate: July 11, 2017

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A much stronger than expected June job growth report coupled with continued strong price appreciation results in a record high for Fannie Mae’s National Housing Survey as released This Week in Real Estate. Below are a few highlights from the first week of July that influence our business:

 

* Housing Sentiment at Record High as Consumers’ Confidence in Home-Selling Environment Strengthens. It may be good news for those skinny housing inventories, homebuyers are allegedly confronting that increasing numbers of homeowners think now is a good time to sell. Fannie Mae says net positive responses to that question on its June National Housing Survey (NHS) increased by 7 points, reaching a new survey high of 39 percent. Those responses helped drive Fannie Mae’s Home Purchase Sentiment Index (HPSI) up by 2.1 percentage points to 88.3, tying last February’s all-time high for the index. The HPSI is up 5.1 percentage points compared with the same time last year. Full Story…http://www.fanniemae.com/portal/media/corporate-news/2017/june-home-purchase-sentiment-index-6577.html?p=Media&s=News+Releases&from=RSS

 

* CoreLogic: U.S. Home Price Report Shows Prices Up 6.6 Percent in May 2017. CoreLogic released its Home Price Index (HPI) and HPI Forecast for May 2017 on Wednesday which showed home prices are up strongly both year over year and month over month. Home prices nationally increased year over year by 6.6 percent from May 2016 to May 2017, and on a month-over-month basis, home prices increased by 1.2 percent in May 2017 compared with April 2017, according to the CoreLogic HPI. Looking ahead, the CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year over year basis from May 2017 to May 2018, and on a month over month basis home prices are expected to increase by 0.9 percent from May 2017 to June 2017. Full Story… http://www.corelogic.com/about-us/news/corelogic-us-home-price-report-shows-prices-up-6.6-percent-in-may-2017.aspx

 

* Job Growth Surged in June. The U.S. labor market rebounded in June, new government data showed Friday, as employers surpassed the expectations of most economists by adding 222,000 jobs. The unemployment rate ticked up to 4.4 percent, from 4.3 percent in May, but it did so for a good reason – more people joined the labor force to look for work. The Labor Department also revised its estimates for job gains in April and May, raising the combined figure by 47,000 jobs. “We’ve been creating close to 200,000 jobs a month now for more than seven years. That’s just an incredible achievement. And that machine is still humming,” Mark Zandi, chief economist at Moody’s Analytics, said Friday. Eight years into the current economic expansion, the pace of hiring remains strong. Full Story… https://www.washingtonpost.com/news/wonk/wp/2017/07/06/what-to-watch-for-in-the-june-jobs-report/?utm_term=.6cb80322526e

Have a productive week!

Jason

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