The National Association of Realtors reports its index of pending home sales fell 0.8% to 111.4. Economists expected only a 0.5% drop. Contract signings decreased 2.9% in the Northeast, 1.2% in the Midwest, and 2.9% here in the West. They rose 1.2% in the South. Compared to a year ago, the indexes are higher in the Northeast and the South but lower in the Midwest and West. Thanks to a strong first quarter, sales in 2017 are forecast to rise 3.5% compared to 2016. There were 3.8 months of supply in March, and properties stayed on the market an average of only 34 days. A balanced market is considered 6 months of supply.
Freddie Mac reports the 30-year fixed-rate mortgage averaged 4.03% up from last week’s 3.97%. A year ago it was 3.66%. the 15-year fixed averaged 3.27% up from 3.23%. A year ago it was 2.89%.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
