Shelter Six:  Median Home Price Surges to All-Time High

Nationally, March New Home Sales rose 21% from February and 67% from last year, setting a post-recession high by topping 1M units.

March Existing-Home Sales, which make up about 90% of the market, declined for the second straight month and were 4% lower than February, but still up 12% from last year.

The March median existing-home price was 17% higher than a year ago hitting a new record of $329,100, the fastest pace of annual price appreciation on record.

Nationally, home inventory rose 4% in March from February and is up to a 2.1-month supply.

Recent strong economic data has led Fannie Mae to increase its forecast of GDP for the rest of 2021 to 6.8% growth by the Fourth Quarter (up from 6.6% in last month’s forecast).

The Mortgage Bankers Association revised 2021 forecast for purchase originations forecasts an increase of 16.4% this year to a new record of $1.67 Trillion.

Rate Update

Rates dropped last week to the lowest point in two months as the Mortgage News Daily’s Conforming Purchase 30-Year Fixed-Rate dropped to 3.12%.

This Week

The Federal Reserve meets on Wednesday.  First Quarter GDP will be released on Thursday and the Core PCE Price Index on Friday.

April 26, 2021 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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