June’s “This Month in Real Estate” video has been released. This edition’s top story concerns the most common repairs homeowners make before putting a house on the market. For the full story and more, click the “Play” button below.
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May’s “This Month in Real Estate” report can be accessed by clicking here. Check back over the next few days for June’s “This Month in Real Estate” video, which will feature the latest real estate news and updates directly from KWRI.
Here is a snippet of the report:
The housing market and the overall economy are improving at modest rates nationally, and in some areas they have actually gained momentum. The Conference Board’s CEO confidence index is up a notable 14 points—from 49 last quarter to a current reading of 63. A reading of 50 is the threshold above which indicates an optimistic outlook and below indicates pessimism. Rapidly growing optimism is a good sign for future hiring and growth.
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According to REALTOR® Magazine, mortgage rates are once again on the rise for the fourth consecutive week. Still, despite the slow increase, rates remain just below 5 percent, equaling affordability for buyers.
Frank Nothaft, chief economist for Freddie Mac, also noted that consumer purchases rose for the ninth straight month, indicating a potentially positive upswing for the economic recovery.
Below are the most current mortgage rates for the week:
- 30-year fixed-rate mortgages: averaged 4.91 percent, up from last week’s 4.87 percent. Last year at this time, 30-year rates averaged 5.07 percent.
- 15-year fixed-rate mortgages: averaged 4.13 percent, up from last week’s 4.10 percent average. Last year, 15-year rates averaged 4.40 percent at this time.
- 5-year adjustable-rate mortgage: averaged 3.78 percent, an increase from last week’s 3.72 percent average.
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According to the National Association of REALTORS®, pending home sales increased in February with notable regional variations.
The numbers are based off of the Pending Home Sales Index, a forward-looking indicator.
February hit 90.8 percent, up from 88.9 in January.
Although this month-to-month trend is promising, NAR Chief Economist Lawrence Yun said that it is more important to look at the broader trend for housing recovery.
“Month-to-month movements can be instructive, but in this uneven recovery it’s important to look at the longer term performance. Pending home sales have trended up very nicely since bottoming out last June, even with periodic monthly declines.”
– Lawrence Yun, NAR Chief Economist
Yun also said we may not see notable gains in existing home sales in the near-term. However, numbers are expected to rise 5 to 10 percent this year with the economic recovery, job creation, and excellent affordability rasing buyer confidence.
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