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December 1st, 2020 8:08 AM

The number of Americans signing contracts to buy homes fell for the second consecutive month as lack of available homes continues to stifle house hunters. According to the National Association of Realtors, its index of pending sales fell 1.1%, to 128.9 in October, down from a reading of 130.3 in September.

Historically low interest rates are drawing prospective buyers into the market, but home prices have risen significantly the past year as supply remains near all-time lows. Mortgage finance giant Freddie Mac reported last week that the average rate on the 30-year fixed-rate home loan remained at a record low 2.72%. The median price for an existing single-family home reached $313,000 in October up almost 16% from October 2019. The median price of a new home sold in October was $330,600, according to the Commerce Department.

For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: jimhanson1@comcast.net

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce


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Posted by James M. Hanson on December 1st, 2020 8:08 AMLeave a Comment

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October 2nd, 2020 8:16 AM

U.S. average rates on long-term mortgages edged down slightly this week, remaining at historically low levels.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan fell to 2.88% from 2.90% last week. One year ago, the rate averaged 3.65%.

The average rate on the 15-year fixed-rate mortgage also fell, to 2.36% from 2.40% last week.

Last week, the National Association of Realtors reported that the number of existing homes for sale in August was 1.49 million units, a decline of 18.6% from the same time last year. The dearth of inventory has also pushed prices higher, with the median price for both existing and new single-family homes pushing past $310,000.

For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: jimhanson1@comcast.net

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce



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Posted by James M. Hanson on October 2nd, 2020 8:16 AMLeave a Comment

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Forty-five percent of recent homebuyers purchased their property without ever seeing it in person — an increase from the 28% who made a sight-unseen purchase last year, real estate site Redfin reported July 30. Buyers are placing offers quickly and remotely because of competitive markets and safety restrictions due to the coronavirus pandemic. Read Full Story Here

?For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: jimhanson1@comcast.net

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

Posted in:General
Posted by James M. Hanson on August 7th, 2020 9:42 AMLeave a Comment

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August 7th, 2020 9:35 AM
Mortgage rates declined slightly during the past week, remaining near historic lows and boosting purchase demand more than 20% compared with one year ago, Freddie Mac reported July 30 in its Primary Mortgage Market Survey. Freddie noted that home prices are expected to remain strong heading into the fall.
?
  • 30-year fixed-rate mortgage averaged 2.99 percent with an average 0.8 point for the week ending July 30, 2020, down slightly from 3.01 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.  
  • 15-year fixed-rate mortgage averaged 2.51 percent with an average 0.7 point, down from last week when it averaged 2.54 percent. A year ago at this time, the 15-year FRM averaged 3.20 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent with an average 0.4 point, down from last week when it averaged 3.09 percent. A year ago at this time, the 5-year ARM averaged 3.46 percent.

Read Full Story Here


?For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: jimhanson1@comcast.net

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

Posted in:General
Posted by James M. Hanson on August 7th, 2020 9:35 AMLeave a Comment

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August 7th, 2020 9:30 AM
The inventory of homes for sale was 32.6% lower in July compared with the same point a year earlier, while inventory of newly listed homes was 13.4% lower during that same time period, Realtor.com reported July 30. Median home prices grew 8.5% year-over-year in July, reaching a new high of $349,000. Read Full Story Here.

For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.
Phone: (609) 884-9185
Email: jimhanson1@comcast.net

Community Resource Links
Cape May Chamber of Commerce
Cape May County Chamber of Commerce
Avalon Chamber of Commerce
Atlantic City Chamber of Commerce

Posted in:General
Posted by James M. Hanson on August 7th, 2020 9:30 AMLeave a Comment

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