home sales

Recent economic indicators are good news for home sales and interest rates.

Pending home sales rose

Pending home sales in May reached the highest level since May 2005. The Pending Home Sales Index (PHSI) - a forward looking indicator of home sales - rose 8% in May compared with May 2020. An index of 100 is equal to the level reached in 2001, and May 2021 registered 114.7.

Year-over-year signings increased 13.1%.

This was true for all 4 regions of the U.S. - Northeast, Midwest, South and West.

Mortgage interest rates moved lower

Mortgage-backed securities rose 44 basis points for the week ending June 28, causing mortgage interest rates to go lower than the previous week.

Consumer confidence level up

The Consumer Confidence level was much higher than expected 127.3 actual vs 119 expected. June’s reading was 10 points higher than May’s reading.

What does all this mean for you? It’s a great time to buy and sell in Green Valley!

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