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December 29, 2017
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Keeping Current
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Existing home sales in November reached 5.81 million units at a seasonally adjusted annual rate, its strongest monthly pace
in almost eleven years and a 5.6% increase over October. Year-to-date, existing home sales are up 1.4% in 2017 over the first eleven months of 2016.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex;">1</sup></li>
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The number of existing homes on the market at the end of November dropped to 1.67 million units, 9.7% fewer than a year ago.
The resulting months’ supply figure - which shows how long it would take to sell the unsold inventory at the current sales pace -
dropped to 3.4 months.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">1</sup></li>
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The median price of existing homes sold in November was $248,000, up 5.8% from a year ago.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">1</sup></li>
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New home sales hit its highest sales rate in more than ten years in November, reaching a seasonally adjusted annual sales rate of 733,000 units.
That’s 21.2% higher than the average sales rate of 604,900 units through the first ten months of 2017. Year-to-date, sales
are running 9.0% ahead of sales through the first eleven months of 2016.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">2</sup></li>
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The median price of new homes sold during November was $318,700, a 1.2% increase from the median sales price in November 2016.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">2</sup></li>
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Corporate profits are up 5.3% over the year ending in the third quarter. A year ago, the same reading on corporate profits
showed a 1.6% decline. During the current economic recovery, now in its ninth year, corporate profits have grown at a 6.7% average annual rate.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">3</sup></li>
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The economy expanded at 3.2% rate during the third quarter, accelerating from 3.1% gain in the second quarter, according to
revised estimates. Over the course of the current recovery, GDP has expanded at a 2.2% average annual rate and 2.3% over the past year.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">3</sup></li>
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Industrial production tacked on a 0.2% gain in November to its 1.2% increase in October, generating a 3.4% gain in the past year.
This advance is more than three times faster than the 1.1% average annual gain over the five years ending in November 2017.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">4</sup></li>
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The average rate on 30-year fixed-rate mortgages in Freddie Mac’s survey was 3.99% during the week ending December 28,
up 5 basis points from the previous week. The rate averaged 3.95% in December. For the year, the rate averaged 3.99%,
with a peak of 4.30% in March and a low of 3.78% for two weeks in September. All rates quoted have fees and points
averaging 0.4% to 0.6% of the loan amount.
<sup style="height: 0; line-height: 1; vertical-align: baseline;_vertical-align: bottom; position: relative; bottom: 1ex; ">5</sup></li>
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<h2 style="margin: 10pt 0px; font-size: 15px; color: #BB0826; font-family: 'Arial','sans-serif';">
Contact me today!
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<p style="margin-bottom: 10px; font-size: 12px; color: #44464A; font-family: 'Arial','sans-serif';">
Expect me to work with your buyers every step of the way.<br />
<br />
ALAN KREIT<br />
Private Mortgage Banker<br />
Wells Fargo Home Mortgage<br />
<br />
150 E 42nd St 32nd Floor<br />
New York, NY 10017<br />
212-214-7534 <br />
516-721-1911 (Mobile)<br />
www.alankreit.com<br />
<br />
NMLSR ID 690784
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<p style="font-size: 13px; font-family: arial; color: #44464A; line-height: 135%;
font-weight: normal; margin-bottom: 10px;">
<strong>Here’s additional information from the Wells Fargo Economics Group:</strong><br />
<br />
<strong>Economic Indicators</strong><br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/durables-20171222.pdf">
Durable Goods Orders Rebound in November
</a> (December 22)<br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/personal-income-20171222.pdf">
Personal Income Rose Solidly in November
</a> (December 22)<br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/new-home-sales-20171222.pdf">
New Home Sales Surge in November
</a> (December 22)<br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/existing-home-sales-20171220.pdf">
Existing Home Sales Rose Solidly in November
</a> (December 20)<br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/housing-starts-20171219.pdf">
Housing Construction Continued to Strengthen in November
</a> (December 19)<br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/indicators/ip-20171215.pdf">
Industrial Production Notches Another Gain in November
</a> (December 15)<br />
<p style="font-size:13px; font-family:arial; color: #44464A; line-height:135%; font-weight: normal; margin-bottom:10px;">
<strong>Weekly Economic & Financial Commentary</strong><br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/weekly-commentary/weekly-20171222.pdf">
Economic Data Show Solid Momentum in Q4
</a> (December 22)<br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/weekly-commentary/weekly-20171215.pdf">
Retail Sales Sing Into the Holidays
</a> (December 15)<br />
<p style="font-size:13px; font-family:arial; color: #44464A; line-height:135%; font-weight: normal; margin-bottom:10px;">
<strong>Interest Rate Reports</strong><br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/interest-rate-reports/irwk-20171220.pdf">
For Richer or Poorer: Household Balance Sheets by Income
</a> (December 20)<br />
<p style="font-size:13px; font-family:arial; color: #44464A; line-height:135%; font-weight: normal; margin-bottom:10px;">
<strong>Special Reports</strong><br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/special-reports/favorite-charts-20171220.pdf">
Our Favorite Charts of 2017
</a> (December 20)<br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/special-reports/wrapping-up-taxes-20171218.pdf">
Wrapping Up The Tax Package
</a> (December 18)<br />
<a style="text-decoration:underline; color:#3366CC;" href="https://www08.wellsfargomedia.com/assets/pdf/commercial/insights/economics/special-reports/hero-to-zero-20171218.pdf">
From Hero to Zero: Inventory Dynamics
</a> (December 18)<br />
<br />
<br />
Visit the <a style="text-decoration:underline; color:#3366CC;" href="https://www.wellsfargo.com/com/insights/economics/">
Wells Fargo Economics Group
</a> for more economic commentary and analysis.
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<p style="font-size: 10px; color: #44464A; font-family: 'Arial','sans-serif';">
1. “Existing-Home Sales Soar 5.6 Percent\u2026,” National Association of Realtors<sup>®</sup>, December 20, 2017. <br />
<a style="text-decoration:underline; color:#3366CC;" href="www.nar.realtor/newsroom/existing-home-sales-soar-56-percent-in-november-to-strongest-pace-in-over-a-decade">
www.nar.realtor/newsroom/existing-home-sales-soar-56-percent-in-november-to-strongest-pace-in-over-a-decade</a><br />
2. “Monthly New Residential Sales, November 2017,” Census Bureau, December 22, 2017.<br />
<a style="text-decoration:underline; color:#3366CC;" href="www.census.gov/construction/nrs/pdf/newressales_201711.pdf">
www.census.gov/construction/nrs/pdf/newressales_201711.pdf</a><br />
3. “National Income and Product Accounts - GDP Third Quarter 2017 (Third Estimate)...,” <br />
BEA, Department of Commerce, December 22, 2017. All data reported are seasonally adjusted.
<a style="text-decoration:underline; color:#3366CC;" href="www.bea.gov/newsreleases/national/gdp/2017/gdp3q17_3rd.htm">
www.bea.gov/newsreleases/national/gdp/2017/gdp3q17_3rd.htm</a><br />
4. “Industrial Production and Capacity Utilization,” Release G.17, Federal Reserve Board of Governors, December 15, 2017.
<a style="text-decoration:underline; color:#3366CC;" href="www.federalreserve.gov/releases/g17/Current/g17.pdf">
www.federalreserve.gov/releases/g17/Current/g17.pdf.</a>.<br />
5. Freddie Mac Primary Mortgage Market Survey, Dec 28, 2017.
<a style="text-decoration:underline; color:#3366CC;" href="www.freddiemac.com/pmms/">www.freddiemac.com/pmms/</a><br />
The FRB of St Louis Economic Data system (FRED) was used to collect data on new homes sales, existing homes sales, corporate profits, GDP, and industrial production.
<br /><br />
Keeping Current is produced by the Sales & Service Systems Office of Wells Fargo Home Mortgage.<br />
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<a style="text-decoration:underline; color:#3366CC;" href="mailto:NoEmailRequest@wellsfargo.com">NoEmailRequest@wellsfargo.com</a>.
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Information is accurate as of date of printing and is subject to change without
notice.<br /><br />
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