Labor Day normally indicates the end of summer and the beginning of fall. Schools have started and families are back to a more stable routine. Now how does this all effect the housing market? Well, here is what is being said about it nationally:
In July, total residential construction spending fell 1.5% below June’s revised estimate, to a $920.4 million annual rate. However, that number is still 14.1% above where residential spending was in July a year ago.
June saw the smallest monthly home price gains in two years. Both the Case-Shiller index, up 0.3%, and the FHFA index for homes financed with conforming mortgages, up just 0.1%, came in with sharp decelerations.
And July saw price gains reverse in Black Knight’s home price index. They reported the median U.S. home price slid 0.77%–the first monthly drop in nearly three years and the largest one-month decline in more than 11 years.
Give me a call so we can go over just what this means for you.
Mary Cockburn/505-639-2090/MaryCockburn.Realtor@gmail.com
