This is a snapshot of the Nationa market in time looking at the April statistics as reported. We like to call it the Market in a Minute, a fast way to get a quick summary of the market and what it means to you as a homeowner, buyer or seller of residential real estate. Our video is a fast way to get your real estate financial news.
Housing/Real Estate Market
Existing home sales fall back in March: National Association of Realtors (NAR) reported a pullback of 4.9% sales of previously-owned homes. They stated that while they did not expect to see a similar surge like the one reported in February; March fell more sharply than expected.
New home sales take a jump in March from February’s tally: The U.S. HUD and Census Bureau announced that the sale of new single-family homes for March is 4.5% more than in February and 3% from the same time last year. Lower interest rates and a demand for construction of more affordable housing seem to be boosting sales.
Homeownership rate and residential vacancies practically unchanged: First quarter residential vacancies and the homeownership rate reported by the Census Bureau seem to support the conclusion of a slowing housing market as they remain flat when compared to the same time last year and give little hope of improvement.
Real Estate Finance
Mortgage interest rates continue to climb: The 30-year fixed-rate mortgage (FRM) averaged 4.20% this past week, which is up from 4.17% the week prior. While 4.20% is the highest it’s been this month, it is still more than a 30 basis points lower than it was a year ago and should bode well with buyers entering the housing market at the bloom of the spring season.
Mortgage applications decreased: The Mortgage Bankers Association reported a decline of 7.3% in the number of mortgage applications from the week prior, suggesting that while consumers seem to be a little more confident about the economy, they are still very sensitive to changes in interest rates. However, much of the decline was concentrated in refinancing, but purchase applications dipped by 4% as well.
Jeff and Jane Daley started their careers in real estate after taking early retirement from the corporate world. They enjoy partnering with clients to meet their goals in real estate.
Their success in getting it done right for their clients is their belief in education. University and formal real estate courses have been imperative in staying up to date for the benefit of their clients and their business.
The Daley's started in real estate in 1999 and have helped hundreds of clients buy or sell their homes successfully. Their fiduciary responsibility to their clients is always a top priority.
MILITARY SERVICE: Jeff is a U.S. Army combat veteran and served with distinction in Vietnam.
Jeff and Jane Daley located their business in Scottsdale, Arizona. Their team also serves the adjacent communities of Carefree, Cave Creek, Chandler, Glendale, Mesa, Paradise Valley, Phoenix.
Jeff is also available as a media resource for interviews and/or articles.