Home sales dropped last month, but not because demand was lacking. There are fewer homes for sale than at any time in the last 11 years.
This week, there is little on the U.S. economic calendar, save for Friday’s Non-Farm Payrolls report. Wall Street is expecting to see 80,000 net new jobs created in November, and a rise in the national Unemployment Rate to 8.0%.
Home value rose to close out the summer, according to the S&P/Case-Shiller Index, an oft-cited home-valuation tracker.
Mortgage markets worsened last week, taking mortgage rates higher. The Federal Open Market Committee meets this week.
Home appraisals thwart 33 percent of home purchase contracts nationwide. Here are steps you can take to help your home appraise at value.
According to the National Association of REALTORS®, 4.82 million “existing homes” sold on a seasonally-adjusted, annualized basis in August, representing a near 8 percent improvement from the month prior and a nine percent jump from August 2011.
Mortgage markets improved for the second consecutive week last week as demand for U.S. mortgage-backed bonds remained high.
According to the Standard & Poor’s Case-Shiller Index, home prices rose 6.9% between the first and second quarter of 2012, the largest quarter-to-quarter gain since the home-value tracker’s 1987 inception.
In July, the third time this year, the Pending Home Sales Index crossed its benchmark value of 100, moving to 101.7.
According to the Federal Home Finance Agency’s Home Price Index, home prices rose by a seasonally-adjusted 0.7 percent between May and June 2012. The index is now up 3.0% over the past 12 months, and made its biggest quarterly gain since 2005 last quarter.