Skip to Main Content
Carrington Mortgage Services, LLC
Skip to Main Content

Home Sales Rise, Inventory Still Lean

April 30, 2018

Last Week in Review:
Home sales increased in March, though inventory remains a challenge. First quarter GDP fell but beat expectations.

Market_Trends_2018-04-30

March Existing Home Sales rose 1.1 percent from February to an annual rate of 5.60 million units, the National Association of REALTORS® reported. However, sales were down 1.2 percent from March 2017 due in part to continued low inventories and affordability issues. March saw just a 3.6-month supply of existing homes for sale on the market, well below the 6-month level that is considered healthy.
Inventory of new homes for sale on the market fared better in March, with a 5.2-month supply of homes available. March New Home Sales rose 4 percent from February to an annual rate of 694,000, a four-month high, per the Commerce Department. Sales also were up 8.8 percent from March 2017. However, there were considerable differences in sales around the country. In the Northeast, sales plunged 54.8 percent, while sales in the West soared to their highest level since December 2006, up 28.3 percent.
Home prices also continued to rise, as the February S&P/Case-Shiller 20-City Home Price Index showed that home prices rose 6.8 percent from February 2017.
Finally, the Bureau of Economic Analysis reported that economic growth in the first quarter of 2018 slipped from the final three months of 2017, though the number did beat estimates. The first reading on first quarter Gross Domestic Product (GDP) showed a gain of 2.3 percent, down from the 2.9 percent recorded in the previous quarter, but above the 2.1 percent expected. GDP is the monetary value of finished goods and services produced within a country's borders in a specific time period. It is considered the broadest measure of economic activity.
Mortgage Bonds bounced higher in recent days after declining over the last few weeks. Home loan rates remain historically attractive.
If you or someone you know has any questions about rates or home loans, please get in touch. We'd be happy to help.

CAREERSINVESTORSABOUT USCORRESPONDENT

Equal Housing Opportunity An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

The content of this website is intended for licensed third-party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services, LLC is one of the leading wholesale mortgage lenders.

Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram