Realtors report strong sales in September
As sales reports continue to come in from realtors across the country many are reporting a stronger September than last year.
The California Association of Realtors says that although sales volume was down 1.5 per cent from August there was a 6.9 per cent rise year-over-year to 425,030 units. It was the 6th straight month of sales above 400,000. The median price was down 2.3 per cent in the month but up 4.3 per cent from September 2014 at $482,150.
In Maryland sales increased by 16 per cent year-over-year with pending sales up 19 per cent. The Maryland Association of Realtors reports that average and median prices were essentially flat. “September has demonstrated that market conditions have stabilized in 2015,” said MAR President Bonnie Casper, “The last nine months of data has painted the same picture of increased sales and slight declines in average and median prices.”
Southern Georgian Bay Association of Realtors meanwhile reported the best month of September on record. Sales were up by 11.6 per cent from September 2014 with 336 units sold through the MLS. The year-to-date figures have also set a record with an 11.4 per cent increase compared to the same period last year.
Fannie Mae predicts strong fourth quarter
Mortgage corporation Fannie Mae says that it expects the economy and the housing market to continue to gain in the last quarter of 2015. Its Economic & Strategic Research Group predicts that despite some weaker-than-expected economic data recently, the US economy should “withstand the headwinds”. Its expectations for housing include an 8 per cent rise in home sales for the year with an additional 4 per cent next year. Fannie Mae Chief Economist Doug Duncan. “Strong home price gains should help drive an increase in household net worth again in the third quarter, and, combined with low gasoline prices and mortgage rates, should support strong consumer spending throughout the rest of the year.”
New MBA chairman sworn in over the weekend
At an event in San Diego Sunday the chief executive of Quicken Loans Inc, Bill Emerson, was sworn in as chairman of the Mortgage Bankers’ Association. Emerson has been with Quicken since 1993, rising from mortgage banker to the CEO position in 2002. At the 102nd MBA annual convention Rodrigo López, CMB, Executive Chairman of NorthMarq Capital Finance L.L.C , and David Motley, CMB, President of Colonial Savings, F.A. and its divisions -- Colonial National Mortgage and CU Members Mortgage, were also sworn in as Chairman-Elect and Vice Chairman for the 2015 -2016 membership year.