Housing Prices Rise Mortgage Loans Fall

Is now a good time to buy a house? Yes, if you’re able to do so. For the third month in a row the price of the average house in most regions of the country moved higher, albeit not by an impressive amount. When it comes to the number of home sales, the picture didn’t look so bright last month. Sales of new single-family homes fell 0.3% in August to an annual rate of 373,000, the Commerce Department said on Wednesday, September 19th. The pace of sales last month was less than what most analysts had expected. Economists polled by Reuters predicted sales of 380,000. July sales were revised higher to 374,000 units from 372,000 units — the fastest pace since August 2010.

U.S. home prices continue to rise. In July, home prices rose 1.6% following a 2.3% increase the month before, according to the latest S&P Case-Shiller data reported. The reported data through July 2012, released by S&P Dow Jones Indices for its S&P Case-Shiller Home Price Indices, the leading measure of U.S. home prices, showed average home prices increased by 1.5% for the 10-City Composite and by 1.6% for the 20-City Composite in July versus June 2012.

For property managers it means the supply of residents who can only qualify to rent homes and apartments will continue to rise for the foreseeable future. Let your owners and best clients know that the inventory of rental properties is low in many areas, and now may be an auspicious time to buy more rental homes. There are more families than you might realize who’ll need a home to rent in the year ahead.

iDeal Realty & Management

9051 W Kelton Lane, Suite 10

Peoria, Arizona 85382

(623) 201-3544

www.idealrealtyaz.com