Sales of previously owned homes dropped in August by 4.80 percent on an annual basis for the first time in four months; the dip was likely caused by rising home prices. August sales were reported at a rate of 5.31 million; July’s rate was 5.58 million sales of previously owned homes.
Sales of existing homes have risen 6.20 percent year-over-year; stronger labor markets and low mortgage rates were seen as contributing factors. Although economists expect the Federal Reserve to raise its target federal funds rate before year end, home sales are expected to stay strong through 2016. A Fed rate hike would mean that lending rates for consumer credit and mortgage loans would increase.
Analysts noted that July sales of pre-owned homes hit a post-recession high and characterized August’s lower reading as a “hiccup.” Month-to-month readings often reflect volatility caused by transitory influences; analysts typically rely on month-to-month rolling averages to track trends in housing markets. Continue reading
Last week’s economic releases included several reports related to housing. The Wells Fargo/NAHB Housing Market Index achieved its highest reading in nearly 10 years. Housing Starts dipped in August and Building Permits issued in August exceeded July expectations. The week’s big news was actually no news. The Fed’s Federal Open Market Committee decided not to raise interest rates. Fed Chair Janet Yellen followed up on the FOMC statement with a press conference and said that the Fed is not yet ready to raise rates, but that a majority of FOMC members are prepared to raise rates before year-end. Continue reading
Selling a home is more than real estate listings and making the home appealing to potential buyers. One factor to take into account when buying a home is its location, meaning the community surrounds the home.
For sellers as well as buyers, it’s important to highlight the benefits of living in a particular community. After all, neighborhoods will have an enormous impact on the future buyer’s living experience. Continue reading
The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index reported that home builder confidence rose by one point to a reading of 62 for September. This was the highest reading since November 2005, when the NAHB reported a reading of 68 for home builder confidence. Any reading above 50 indicates that more builders are confident about housing market conditions than those who are not.
NAHB notes that builder confidence has been growing at a moderate pace since July 2014; this is in line with economic conditions in general. Relatively low mortgage rates and stronger labor markets are helping would-be buyers with their decisions to buy homes now.
FOMC Statement and Fed Chair Press Conference: No Rate Hikes Yet
The minutes of the Federal Open Market Committee of the Federal Reserve revealed that Fed policymakers have decided to wait on raising the target federal funds rate, which is currently set at 0.00 to 0.25 percent. While the FOMC statement indicated that policy makers acknowledge moderate progress in economic growth, a majority did not feel that the economy is ready to withstand a rate hike. When the Fed does raise rates, consumers can expect to see higher mortgage rates as well as increases in lending rates for credit cards and loans.
The Makaleha Mountains and the Kealia Forest Reserve create the setting for this five-acre country estate on Kauai. Through a gated entry, the main house is positioned to take advantage of the alluring mountain views.
It’s amazing that in a year with extremely low mortgage rates being reported around the country, closing costs are up by as much as 6% from the previous year. Part of the reason for this is that the stricter regulations on loans have increased the costs to banks, and they always find a way to pass on new costs to the consumer. Continue reading
When you are looking for some family-friendly destinations on the Big Island, you don’t have to look far. From fun outdoor beaches to learning about volcanoes, there is always something to explore. There are many fun and educational activities all over the island for kids of all ages. Your family will never be bored with all the things to do.
Kahalu’u Beach Park
One of the most popular beaches and top family-friendly destinations on the Big Island, Kahalu’u offers a diverse range of fun activities for the entire family. You have the opportunity to view, feed, and swim with wild fish. Bring a snorkel, as the offshore reef provides calm waters near shore. Make sure to arrive early, as this spot tends to get crowded during peak times.
Hawai’i Volcanoes National Park
If you are looking for an outdoor adventure away from the beach, head over to Hawai’i Volcanoes National Park. With more than 350 square acres to explore, this area is one of the most popular locations to catch a glimpse at some of the world’s most popular volcanoes. Your kids will love seeing the smoldering Halemaumau Crater and drive through the thick tropical rainforests that surround the area. It is a visit you will never forget.
Pana’ewa Rainforest Zoo
This is a very unique zoo that is allows you to peek into what life is like in a rainforest. It is one of the only facilities in the United States that has more than 80 species of animals including Namaste, a rare white Bengal tiger. There is also an interactive petting zoo for a memorable experience.
If you have questions about the top family-friendly destinations on the Big Island, contact Hawaii Moves at 1-800-735-2100 today! We are happy to assist you in finding the perfect place to call home.