FHA Update 2013
Freddie Mac Deputy Chief Economist Len Kiefer said “Housing markets are the strongest they’ve been in years with the National MiMi above 80 for the first time since 2008. “While home prices are still 7 percent below peak values nationally, price indices in many markets are at all-time highs and current low interest rates are helping to support homebuyer affordability,” Kiefer said.. Strong homebuyer demand has put total home sales on pace for the best year since 2007 and look for that trend to continue .
The West has been especially strong, with many markets posting double-digit .
The Southern California housing market is enjoying a summer almost as hot as the weather.
Home sales reached a nine-year high in July, while the median price climbed 5.5% from a year earlier, according a report out Tuesday from CoreLogic.
Because the economy is improving people have the confidence to buy a home. June sales also were at a nine-year high.”Much of today’s demand stems from job growth, low mortgage rates and a more confident consumer,” CoreLogic analyst Andrew LePage said.
The 16.9% increase in sales from July 2014 comes as investors leave us alsone-leaving more breathing room for families and us mom and pop investors.
In Los Angeles County, sales jumped 13.5% from a year earlier. The median price, the point where half the homes sold for more and half for less, rose 4.7% to $492,000. In Orange County, sales were up 15.5% and prices increased 5.3% to $615,000.
Can’t wait to see what this latest stock market meltdown will do to housing,
