Each week, Santa Clarita mortgages lender American Family Funding shares the latest housing market update for your hometown.
For more information on about Santa Clarita mortgages, please contact American Family Funding at affloans.com.
- The GDP grew by 3.0% in the 2nd quarter, higher than estimates of 2.7%. The improving economy could support a Fed rate hike later in the year.
- Despite the GDP growth, a strong labor market and rising home prices, inflation continues to stagnate. This lack of inflation could help keep mortgage rates low.
- Consumers are showing the 2nd-highest level of confidence in the economy since 2000, according to survey responses through August 16th.
- Existing home sales unexpectedly fell in July, hitting their lowest monthly level of the year. However, home sales were still up 2.1% from the previous year.
- Lack of properties for sale is blamed for the low numbers. Inventory is now down 9.0%, declining for the 26th consecutive month on a year-over-year basis.
- Strong demand coupled with tight inventory continues to drive up home prices though. The median house price was $258,300, a 6.2% increase year-over-year.
More Housing News
- Time will tell, but it is possible that homeowners now seeing the run-up in prices slowing, may elect to start placing their homes on the market.
- This could bode well for a very strong Fall market as the pent-up demand for housing would likely rapidly absorb any new inventory that appears.
- Additionally, the stabilizing of prices keeps home affordability in check potentially increasing the number of buyers who can qualify to purchase bolstering housing strength.
Next week’s potential market moving reports are:
- Monday September 4th – US Holiday: Labor Day – All Markets Closed
- Tuesday September 5th – Factory Orders
- Wednesday September 6th – MBA Mortgage Applications & ISM Non-Mfg Index
- Thursday September 7th – First Time Jobless Claims & EIA Petroleum Status
- Friday September 8th – Wholesale Trade & Consumer Credit
Stay tuned each week for a housing market update from Santa Clarita mortgages lender American Family Funding.
Ed. Note: This housing market update was provided by American Family Funding, a leader in Santa Clarita mortgages.
Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. Friendly mortgage brokers make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.
American Family Funding
28368 Constellation Road
Valencia, CA 91355