Builder confidence rose 1 point to 63 in April in the monthly National Association of Home Builders/Wells Fargo Housing Market Index. It hit a 2018 high of 70 in May.Sentiment has remained in the
Where Are The Buyers
The Cromford Market Index continues to weaken for sellers and we expect a little more negative movement over the next 2 weeks for 2 reasons.
Slow contract activity during the first 2 weeks of January led to a larger rise in active listings than last year
Low contract numbers in November and January led to a very slow closing rate during January
However,we are more optimisticfor sellers than we were in mid January. The second half of January saw contract activity pick up nicely and this has 2 expected results which could show up in the index by mid February:
Active listing counts should stop rising and may start to fall back slowly in a normal seasonal pattern (see chart)
Closed listing counts should start to rise as the additional contract signings in January come through escrow
It is not clear if the boost in contract activity will continue into February but a combination of lower interest rates and higher FHA loan limits tends to support that outcome. From the February 1, 2019 Daily Observations.
Chad grew up in the Phoenix area, and can't imagine living anywhere else. After working in finance for 6 years, he decided to make the move to real estate in late 2004. Real Estate runs in his family,....
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