Shelter Six:  Stellar Housing Trends Continue

July Existing Home Sales surged a massive 25% from June to the highest level since 2006, according to NAR.

Inventory of existing homes fell nationally to a 3.1-month supply (6 months considered normal) after being at a 3.9-month supply in June and 4.2-month supply last July.

To help with inventory concerns, more homes need to be built and this explains why July Builder Confidence surged the most since 1990, according to the NAHB.

July Housing Starts were also up much higher than expected (23% from June) representing the highest increases in four years.

Housing Permits, which are a good indicator of the future, also climbed 19% from June.

Construction trends are recently toward custom-homes (built for specific owners) and smaller homes.

Rate Update

Mortgage Rates fell slightly last week and continue to hover a hair above 3%.

This Week

New Home Sales will be released on Tuesday and the Core PCE Price Index on Friday.

August 24, 2020 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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