Shelter Six:  Home Price Appreciation Continues to Surge

May 14, 2018 by · Leave a Comment 

1. Metro Atlanta home prices surged 6.5% in February outpacing the national average of 6.3%, according to the latest S&P CoreLogic Case-Shiller Index.

2. March Existing Home Sales were up 1% from February and were about the same as this time last year.

3. March New Home Sales were up 4% from February, were 9% higher than a year ago, and now make up 11% of the total market.

4. New Home Sales peaked as a percentage of the market at a high point of 17% in June 2003 during the building boom and bottomed out at 5.4% in 2010 during the foreclosure crisis.

5. Inventory was down to a 3.6 month supply in March with 1.67M homes for sale, down 7.2% from a year ago and at the lowest level since data was kept in 1999, according to NAR.

6. Despite a small pool of unemployed workers to choose from, March job openings jumped to a record level of 6.55M, a significant sign of strength for the labor market.

Rate Update

With little major news last week and not much reaction to the economic data, mortgage rates ended the week slightly higher.

This Week

Retail Sales will be released on Tuesday with Industrial Production and Housing Starts out on Wednesday.