The economy’s growth rate was slow for the beginning of 2017—consumer spending and inventory investment were both down—but the housing market remained strong. The resilience of the market was attributed in part to an increase in the demand for homes fueled by lower interest rates. In addition, unemployment fell to its lowest level since 2001.
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2017 First Quarter Review *Article from car.org “California’s spring housing market posted a strong start to the year as existing home sales and median price registered healthy gains in March on both a monthly and annual basis, as did every major region in the state.” the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) “March’s solid sales performance was
Consumer confidence tops economist forecasts Consumer confidence in March soared to the highest level in more than 16 years, according to data released Tuesday. The Conference Board said its consumer confidence index leapt to 125.6 in March from 116.1 in February, coming in well ahead of the MarketWatch-compiled consensus of 114.1. The reading gave
As seen in the Business section of the SD Union Tribune Sunday 2/19/ 2017 Shortage of inventory, shorter time on the market, 2016 favored sellers San Diego County’s housing market hasn’t fully recovered from the recession, but it is getting close. Last year 23 zip codes hit new high median home prices, according to real estate
Total home equity grew 11.4 percent to $13.018 trillion between the third quarter of 2015 and the third quarter of 2016. The share of mortgaged homes in a negative equity position has dropped from 13.3 percent in 2013 to 6.6 percent in 2016 – eyeonhousing.org
Photo: © sergojpg – Adobe Stock Water damage is one of the largest sources of insurance claims, so making a proactive effort to monitor leaks and minimize the possibility of water damage can help reduce your home insurance premiums. Plumbing-related water damage accounts for 22 percent of homeowner claims filed each year and accounts for
Home prices rose 7.7 percent in November, the largest year-over-year increase in 14 months. Home sales rebounded from a tepid October with a 20.1 percent gain, the biggest jump since July 2015. More buyers chased fewer homes as inventory fell 9.7 percent from last year, the largest drop in supply since July 2014. –Redfin
“With the California economy continuing to outperform the nation, the demand for housing will remain robust even with supply and affordability constraints still very much in evidence. The net result will be California’s housing market posting a modest increase in 2017,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The underlying fundamentals continue to
While higher rates have so far had a fairly benign impact on financial markets, they have led to an increase in mortgage rates. Higher mortgage rates can decrease housing affordability, and thus have the potential to lower the demand for home purchases.