Home Prices Rose 7% in January, Housing Supply Fell 11%
Imbalance between demand from homebuyers and supply of homes for sale is heating up many markets across the U.S.
|
U.S. home-sale prices
increased 6.7% year over year in January to a median of $306,400 across the 217 metros Redfin tracks. Home prices were also up 0.7% month over month on a seasonally-adjusted basis.
Read more from Redfin.
|
Single-Family Building Permits Rise to a 12-Year High
Builders are getting off the sidelines amid a critical housing shortage.
|
Permits for new houses rose to a more than 12-year high in January as builders began shifting into high gear amid a property shortage.
Single-family home authorizations, as permits are known, jumped to 987,000 at a seasonally adjusted annual pace, the highest since June 2007, the Commerce Department said on Wednesday. The January rate was a gain of 6.4% from December.
Read more from Housing Wire.
|
January Existing Home Sales Dip Less than Expected from December, Up 9.6% from January 2019
|
It’s a Better Time to Buy Than 10 Years Ago
|
A strong economy, low unemployment, low mortgage rates, and alluring mortgage rates are making it a great time to buy a home, according to a newly released report. The amount of income that buyers spent on their mortgage payments also dropped from 2010 through 2019, despite higher home prices.
Read more from the National Association of Realtors.
|
Delinquencies are at Lowest Levels Since 2000
|
Tighter underwriting and a strong economy seemingly continue to be reflected in mortgage loan performance. In its "first look" at January loan data, Black Knight says the national delinquency rate hit the lowest level since they began tracking it in 2000. The rate, 3.22 percent, represents a 5.4 percent decline from December and 14.2 percent year-over-year. The company says the annual figure shows that the rate of improvement in delinquencies has been picking up speed in recent months and this was the largest drop in more than a year.
Read more at Mortgage News Daily.
|
Where Are the Best Places to Live in Pennsylvania?
Swarthmore places third; Conshohocken, Collegeville and Ridley Park also make the list.
|
The best place to reside in the commonwealth is Camp Hill, a suburb located near Harrisburg, according to a recent report from
HomeSnacks
.
Camp Hill also nabbed the top spot for the 2019 list as well. Applauded for both low crime and low unemployment, Camp Hill has a population of just under 8,000, with the 19th best median home value in the state at $212,900.
Read more from the PA Association of Realtors.
|
Mortgage Market Update
Little Change in Mortgage Rates
|
The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up fifteen percent from a year ago. We’ve seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved housing market and is a promising indication for the spring homebuying season.
|
We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.
|
Plymouth Meeting Office: 610.834.8700
Doylestown Office: 215.345.7600
Ocean City, NJ Office: 609.398.8600
Information and analysis is obtained through third parties and is deemed accurate but not guaranteed. Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.
|
|
Follow us on social media!
|
Looking for something to do in Philly this weekend?
|
PMA Named Best of the Main Line for the Fourth Consecutive Year!
|
PMA &
PHFA
/
NJHMFA
can make it easier for first-time buyers to purchase a home!
|
are Easier with PMA's
In-House Approvals!
|
|
