Thanksgiving, Black Friday, Small Business Saturday and Cyber Monday: Once again we have reached the Thanksgiving Season. As the official holiday season of planning, rushing, cooking, and shopping begins, let us pause to express our thanks for the blessings that have come our way.
Once Again, Thanksgiving Gratitude is Ours All Year Long
The Holiday Season is the perfect time to express our authentic appreciation for your support and business. We are indeed, grateful for the loyalty and enthusiasm of our clients. Thank you for giving us your confidence and trust. Neither good friends nor fine clients can be bought during a Black Friday or a Cyber Monday sale.
The Spirit of Thanksgiving
We have heard the “gratitude is the attitude.” However, we at Palm State Mortgage think it is more than attitude; it is a spirit. And we try to practice the Thanksgiving Spirit throughout the entire year, with every client or friend we meet.
· We also pause to thank God for the personal freedom we enjoy in this great country.
· We are grateful for the opportunities for achievement we find in our great state of Florida, and
· And we appreciate the natural beauty which surrounds us every day.
· With our Spirit of Thanksgiving, we are always grateful for the support and friendship of our community here in Central Florida.
Good News for Winter House Hunters, Thanksgiving and Beyond
To put it simply, this Thanksgiving, we saw October gains in the area of existing home sales.
· So… If you are a winter house hunter,
· and if you can decide on a home, already built and existing,
· and if it answers most of your house hunting criteria,
· then, chances are good you can make a wonderful mortgage deal.
Existing Home Sales Go Up
In the words of Mortgage News Daily experts, “Existing homes broke their extended losing streak in October, increasing 1.4 percent from September to a seasonally adjusted annual rate of 5.22 million completed sales.”
They added, “It was the first positive report on sales of existing single-family homes, condos, townhouses, and co-op apartments since last March. The National Association of Realtors® (NAR) said the gain was not enough, however, to return existing home sales activity to 2017 levels.”
We knew home sales lagged behind the 5.5 million transactions last October by 5.1 percent. Analysts reported 5.10 to 5.35 million units would sell, making the consensus 5.20. And these forecasts were close. You know how much we love facts and figures so let’s take a quick look at the numbers.
Existing Home Sales Numbers
First, let’s note that Single-family home sales were at a seasonally adjusted annual rate of 4.62 million in October compared to 4.58 million in September.
- Single-family homes are now only 5.3 percent below the 4.88 million rates of last year.
- Likewise, Existing condo and co-op sales rose 5.3 percent to an adjusted annual rate of 600,000 units but they remain down 3.2 percent on a year-over-year basis.
However, these statistics bode well for the winter house hunter. Lawrence Yun, NAR’s chief economist, stated that gradually increasing housing inventory has brought in more buyers.
He said, “After six consecutive months of decline, buyers are finally stepping back into the housing market,” And he added, “Gains in the Northeast, South, and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.”
To put it simply, the median housing price of all types in October was $255,400. This is up 3.8 percent from last October’s median of $246,000.
An added bright note was that “October’s price increase marks the 80th straight month of year-over-year gains. The median single-family price was $257,900 representing 4.3 percent annual appreciation. Condo prices eased by 0.2 percent to a median of $236,200.”
On the other side of the coin, sellers of existing homes can greatly appreciate the increase in the value of their home sales. Next week we will bring you more statistical good news because this story is too big to put into one blog. So, stand by for part 2.
Again, thank you, clients, partners and business associates, for the friendship and confidence you have shown in us.
Our Best Wishes for a Holiday Season of Gratitude!
“May the good things of life be yours in abundance not only at Thanksgiving but throughout the coming year.”