Cindy Schweikert Hart West Financial Inc. Home Mortgages in Arizona, Washington, Oregon, Colorado, New Mexico and Utah

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Hart West Financial December 24, 2014

Existing Home Sales Dip to Lowest Level since May

Existing Home Sales Dip to Lowest Level since MayThe National Association of Realtors® reported that sales of existing homes dropped to a seasonally-adjusted annual rate of 4.93 million as compared to expectations of a 5.18 million existing homes sold. Projections were based on October’s reading of 5.25 million. November’s reading showed a 6.10 percent dip in sales of existing homes and was the lowest reading since May.

Fed Chair Janet Yellen said last week that the less than robust housing recovery is due in part to tight lending standards. Lawrence Yun, chief economist for the National Association of Realtors®, said that November’s reading was likely an aberration due to volatility in the stock market, which could have dampened home buyer enthusiasm.

Analysts expect easing of mortgage guidelines and an improved job market to help increase home sales. The national median price for existing homes rose to $205,300 in November, which represented a year-over-year increase of five percent. Inventories of used homes rose to a 5.10 month supply, which was more than double the 2.01 month supply of existing homes for sale in November 2013.

FHFA Reports Year-Over-Year Increase in Home Prices

The Federal Housing Finance Agency (FHFA) reported a monthly gain of 0.60 percent for home prices associated with mortgages owned or backed by Fannie Mae and Freddie Mac. FHFA said that home prices rose 4.50 percent year-over-year in October as compared to the October 2013 reading of 4.40 percent year-over-year. The increase in FHFA home prices was likely connected to a decrease in foreclosure rates and fewer distressed sales.

FHFA house prices encompass the nine census divisions. On a month-to-month basis, FHA home prices rose by 0.60 percent in October. Month-to-month home prices by census division ranged from -0.30 percent for the Pacific division to +1.50 percent for the Atlantic division. On a year-over-year basis, home prices increased for all nine regions and ranged from +0.80 percent in the Mid-Atlantic division to +6.00 percent in the Pacific division.

Filed Under: Market Outlook Tagged With: Existing Home Sales, FHFA, National Association of REALTORS

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About Hart West Financial

Hart West Financial is a home mortgage firm licensed in Arizona, Colorado, New Mexico, Oregon, Utah, and Washington. They take pride in offering top-quality service and providing very competitive pricing due to their non-commission loan officer based business model. Call Hart West Financial today at 800-910-1937 to get your home loan approved today!

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Hart West Financial, Inc.
9805 E Bell Rd. Ste 120
Scottsdale Road, AZ 85260
NMLS #116830
AZ MB 0901832; CO 100008133; NM 01938; OR ML-2751; UT 5491769NMLC; WA MB-116830
Cindy Schweikert Loan Originator NMLS #116611
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9805 E Bell Rd. #120
Scottsdale, AZ 85260

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