Consumer confidence grows and home prices still on the rise
Consumers revised their assessment of the economy, and were optimistic in May despite their dimmer view in April. According to the Conference Board, a private research group, households had expressed better attitudes towards current economic conditions, but the same group still had mixed views about the economy’s current labor markets in May.
Confidence measured in May might have rolled over from increased demand for new homes in April. Sales of new single-family houses were up 26.1 percent in April 2015 compared to sales figures from April 2014. The Census Bureau estimates that the seasonally adjusted annual sales rate increased to 517,000 even though it had momentarily dropped down to 481,000 in March.
Prices for existing homes in San Diego continued to appreciate steadily in March According to the S&P Case Shiller Price Index released 5/26/15. The index measured that single family-home prices in the resale market were selling for about 4.8 percent more, on average, than they were 12 months before.
People looking to purchase a home or refinance their mortgage will find that conforming no point 30-year mortgage rates average 3.875 percent while 15-year rates average 3.125 percent.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.