Do you wonder whether any positive news on the economy or housing is all because of the elections and the statements made by the candidates? Read our analysis on this topic:
This week’s research brief:
The Zillow Home Price Index rose by 1.3% in the third quarter, the biggest gain since 2006. The median home value increased to $153,800 from $151,800. However, the price increase is varied across various regions of the country. It emphasizes that the real estate market is very much local and it needs professional expertise in making judicious choices for investment.
THE FHFA Home Price Index rose 0.7% in August. The gain is 4.7% on the year-over-year basis.
According to the US Census Bureau, new single family home sales in September increased by 5.7% on the month over month basis and 27.1% on the year over year basis. The median sales price of new homes sold in September 2012 was $242,400, up nearly 12 percent from a year ago.
According to the National Association of Realtors, cash sales remain strong at 28% of the total residential sales in September.
The USA Today’s quarterly economic survey predicts a modest strengthening of the economy, by 2.3%, over 2013 and a drop in the unemployment rate to 7.6%.
Freddie Mac predicts the housing will give a boost to the economy in the second half of the year similar to the contribution in the first half and the mortgage rates will remain around 3.5% through 2013.