According to Freddie Mac the average 30-year rate rose for the fourth consecutive week to 3.81 percent, up from 3.59 percent last week, and nearly 1/2% higher than the 3.35% at the beginning of May. A year ago the rates was 3.75%.
The 15-year rate also increased to 2.98 percent from 2.77 percent.
With much discussion about when and how the Federal Reserve will move to reduce or end the Quantitative Easing policy which has kept interest rates low for an extended time, does the action of the last month indicate that mortgage rates have finally bottomed?
And will home buyers react, as they often do to rising mortgage rates, by rushing to buy now and lock in what is still an historically low rate?
Read Freddie Mac report
The Massachusetts Association of Realtors (MAR) released its April report this week.
Sales of Single Family Homes (SFHs) eased 1% from a year ago, the third straight month of slight year over Year (YOY)declines, caused by the shortage of homes available for sale.
But… April saw a big jump in new listings (it’s called Spring) which, according to MAR, should help the market move closer to being balanced.
Days on Market (DOM)for SFHs was 110 in April 2013, down from 126 a year ago.
Inventory at the end of April was down 27% YOY and represented 5.6 months of supply, vs 9 months a year ago and up from 5.3 months in March.
11 Crown Way, Marblehead. Sunday 12:00-1:30
Two houses on one lot make this ideal for extended family, nursing home alternative or just for a weekend and summer retreat without having to battle the traffic.
This spectacular oceanfront compound offers an elegantly restored, south-facing, sun-drenched 6,265 sq. ft. main home with 15 spacious rooms including 7 bedrooms and 4 1/2 baths.
Plus Marblehead’s most stunningly located carriage house with an additional 2,404 sq. ft. of living space.
Property is uniquely protected from coastal storms.
Access to a private beach. Wonderful neighborhood; private mooring available. $4.5 million.
Figures from the Commerce Department this week show that the median price of a new home in the US in April rose 15% Year on Year to reach a new all-time record of $271,600.
During the recent recession, new home sales collapsed from an annual rate of 1.4 million in July 2005 all the way to just 273,000 in February 2011.
As homebuilders are once again starting to crank up production, that rate has recovered to 454,000 in April, at which time there was 4.1 months of supply.
New home sales represent 7% of the US housing market, so are less significant than existing home sales, but are important because only by building new homes can we meet the demand from new household creation.
The good news is that new home construction (both single and multi family) was running at an annual rate of 850,000 in April, while new permits topped 1 million.
No, not an agony column, and no I don’t have the answer. But when women say “we need to talk” about housing choices, a quick read of this article on HSH’s website may give a man some hints.
Home buying bridges the gender gap
Maybe it was the subject matter – the upper end of the market – but whatever the reason my blog had a record number of visits this weekend.
If you stumbled on my site by chance, please either “friend” Oliver Reports on Facebook or sign up at www.OliverReports.com for email alerts of new postings.
I publish one or more articles every Saturday on a variety of real estate related topics. My goal is to make the articles short and topical.
As my home page says, Oliver Reports is: “The source for Marblehead and North Shore real estate news.”
And I also publish comments on the Boston market from time to time because of the influence that market has on the entire region.
Come see this wonderful Colonial on Sunday 12:00 – 2:00 pm.
36 Crestwood Road (West Shore Drive to Shorewood Road to Pinecliff Drive to Crestwood).
Waterfront, updated, 4 bedroom 3,820 s.f. Colonial on nearly an acre in park-like setting with private dock. Home overlooks Wyman’s Cove and has views to the Beverly shore. Master suite has views up the harbor and beyond. Hardwood floors, central air, finished walkout lower level, & two car garage. Radiant heat in bathroom floors.
www.36CrestwoodRoad.com with interactive floor plans.