Weekly Update

New home sales are up nearly 10 percent from December to January to an annual rate of 468,000. That’s the highest level since July, 2008. Housing continues to be an economic bright spot as the year goes on.

What wasn’t so bright last week was the Gross Domestic Product reading. The fourth quarter growth was a weak 2.4 percent, which is way under the 4.1 percent rate at the end of the third quarter.

Bottom Line for Mortgages:

Jobless claims inched up again last week, adding to the less-than-rosy GDP report. One of the things the Fed will be watching closely over the next year is the pace of job creation. If February’s Payrolls Report, due out on Friday, shows more weakness, it may have an impact on their “tapering” decisions.

Final January Stats:

  • The average existing home sale price in January 2014 was $156,833.
  • Existing home sales in January 2014 totaled 1,403.
  • The existing home inventory in January 2014 was 9,114.
  • Existing homes pending contracts for January 2014 were 1,504.
  • The Existing homes supply in January 2014 was 4.1 months.

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