News for Prescott AZ - AmericanTowns.com

Monday, May 31, 2010

Economic Roundup: May 31, 2010

 

 


In the News

Existing home sales were once again on the rise in April, with completed sales transactions of single-family homes, townhomes, condominiums and co-ops increasing 7.6 percent, the National Association of REALTORS® (NAR) reported last week.
 
The increase put April's sales pace at a seasonally adjusted annual rate of 5.77 million units, compared to March's 5.36 million units. While the increase was encouraging news, the jump was also expected.
 
"The upswing in April existing-home sales was expected because of the tax credit inducement, and no doubt there will be some temporary fallback in the months immediately after it expires, but other factors also are supporting the market," said NAR's chief economist Lawrence Yun. "For people who were on the sidelines, there's been a return of buyer confidence with stabilizing home prices, an improving economy and mortgage interest rates that remain historically low."
 
In terms of pricing, the national median existing-home price for all housing types in April was $173,100. Total housing inventory at the end of April rose 11.5 percent to 4.04 million existing homes available for sale, which represents an 8.4-month supply at the current sales pace, up from an 8.1-month supply in March.
 
Meanwhile, sales of new single-family homes in April were at a seasonally adjusted annual rate of 504,000, according to estimates released jointly last week by the Census Bureau and the Department of Housing and Urban Development. April's performance was 14.8 percent above March's revised rate of 439,000.
 
The median sales price of new houses sold in April was $198,400. The seasonally adjusted estimate of new houses for sale at the end of April was 211,000, which represents a supply of five months at the current sales rate.
 
Like the upswing in real estate performance, the Conference Board reported that its Consumer Confidence Index for May saw a third consecutive monthly gain. The Index now stands at 63.3, up from 57.7 in April.
 
"Consumers' apprehension about current business conditions and the job market continues to slowly dissipate," said Lynn Franco, director of the Conference Board's Consumer Research Center. "Consumers' expectations, on the other hand, have increased sharply over the past three months … The improvement has been fueled primarily by growing optimism about business and labor market conditions."
 
This week, keep an eye on the headlines for news updates on construction spending (June 1) and factory orders (June 3) from the Census Bureau; auto and truck sales (June 2) from the auto manufacturers; and productivity (June 3) payrolls, earnings and average workweek (June 4) from the Bureau of Labor Statistics.
 
 


Mark Ott

Loan Officer

W.J. Bradley Mortgage Capital Corp.

Office: 928-776-1980

Cell: 928-713-9639

Fax: 928-776-8866

NMLS: 189552

mark.ott@wjbradley.com


Building a
Secure Future

 

Equal Housing Lender. 2010 W.J. Bradley Mortgage Capital Corp., 201 Columbine Street Suite 300, Denver, CO 80206. Phone #303-825-5670. Trade/service marks are the property of W.J. Bradley Mortgage Capital Corp. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states.

AZ License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; To check the license status of your CO Mortgage Broker, visit www.dora.state.co.us/real-estate/index.htm; Florida Mortgage Lender license #ML.100000098; Georgia Residential Mortgage Licensee, License No. 20233; ID Mortgage Broker License No. MBL-2803; IL Residential Mortgage Licensee – License #MB.6760738, 201 Columbine Street, Suite 300, Denver, CO 80206; MI First Mortgage License No. FL0011392; Mississippi Mortgage Lender License #4298/2009; MN Residential Mortgage Originator License No. 20447094; MO Residential Mortgage Loan Broker License #10-1841, 1065 Executive Parkway, Suite 205, Creve Coeur, MO 63141; NV Mortgage Banker License No. 2061; NV Mortgage Broker License No. 504; NM Mortgage Loan Company and Loan Broker Act Reg. No. 01856; OK Mortgage Broker- License No. MB001365; OR Mortgage Lender License No. ML-776; TN Mortgage Company Registration Certificate No. 3629; TX Mortgage Banker Reg. No. 74182; UT Mortgage Lender Company License No. 5495659-MLCO; Vermont Broker License #0995MB; Vermont Lender License #6141; WA Consumer Loan License No. 520-CL-42624; Wisconsin Mortgage Banker License No. 699991.

 


 

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