Last Week – this time last Friday I was analyzing a different type of chart and missed my regular update. We are happy to announce the birth of our 3rd boy River! Speaking of birthrates Zillow recently published an article showing inventory has dropped 6.4% from this time last year which is good if you are a homeowner as values are increasing. Not ideal if you are a first time home-buyer. Demand continues to grow, especially for smaller homes at a lower price point as the largest swath of population reaches first-time hombuyer age and Boomers look to downsize to smaller homes.
Rates – after a slight increase last week (approximately 1/8% in most programs) rates moved sideways this week as the 10 Year US Treasury Note traded near a ‘ceiling’ of 1.8%.
Builder Confidence – is up to its highest level in almost two years. Permits and starts are down for multi-family housing but are up slightly for single family homes.