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30 Second Update for the week of 8/6

There has been an abundance of economic reports that we should all be aware of that can help us understand the current state of the housing market and economy.  Here’s a bit of inside info to you put your finger on the pulse of the market.

Pending Home Sales is an index created by the National Association of Realtors that shows the amount of existing homes that have pending sales or that have a signed contract, but haven’t closed yet.

Pending Home Sales for the month of June increased by almost 1%. This is a strong number and was a rebound from May’s negative report. When digging deeper, the report also showed that every analyzed region across the US had positive gains as well.  Pending Home Sales are on the rise, however they are still lower than analysts would like due to the lack of inventory.

Source: http://bit.ly/2M9hI0W

 

The S&P CoreLogic Case Shiller Home Price Index (HPI) tracks the month-to-month change in residential real estate home prices across the US.  For the most recent release, which is for the month of May, the HPI increased slightly by 0.2%. For the year, the HPI is up 6.5%.  Even though this number came in slightly lower than projections, a 6.5% rate of appreciation is still very strong!

Source: http://bit.ly/2Kgo7Wr

 

The ADP Employment Report is a monthly report that shows new jobs created solely in the private sector.  In July’s report, there were 219,000 new jobs created, which is much stronger than last month’s report of 181,000.  More jobs usually point to a stronger economy and more homes that will be purchased.  A strong jobs report can equate to a heathy housing market and continued home appreciation due to the further increase in demand for more homes.

Source: http://bit.ly/2LRlzmo

 

Welcoming the month of August:

  • Did you know that the astrological signs for August are Leo and Virgo?
  • August 3rd is national watermelon day!
  • The second week of August is national smile week!