The Langgle’s Lookout: Real Estate News in a Minute
Here is a summary of the latest headlines about the Real Estate Industry:
Great news for home buyers – Freddie Mac’s latest Primary Mortgage Market Survey shows rates of average fixed mortgages fell even further due to the Fed’s decision not to raise interest rates last week and other negative economic data.
According to Ten-X, April existing home sales increased 7.4% year-over-year.
“U.S. home sales have recently been subject to volatility on a monthly basis, mostly due to external factors,” Ten-X Chief Economist Peter Muoio said. “However, beneath that volatility are clear signs that sales activity is floating at a relatively high level overall.
Prices decreased by about 1.1% annually in the first quarter of 2016, according to Redfin. This is the first decrease for luxury homes (defined as the top 5% of homes sold in a given quarter) in four years. Home prices in the lower 95% continued making gains, increasing by 4.7% annually.