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Tuesday, 9 September 2014

U.S. Housing Market Continues to grow said Jeff Adams Real Estate Seminar Report

U.S. Housing Market continues to grow said Jeff Adams Real Estate News Report As the summer winds down so does the housing market. But the first time readings from August, which came in this week, point to continued growth in housing demand as the year (2014) progresses.

Market’s U.S. manufacturing index grew in August to 57.9 based on strength in new orders in export and in top levels of production and service. In a similar vein, the closely watched ISM manufacturing composite index increased to 59.0 from 57.1 in July. These 2 readings show that the manufacturing area is indeed recovering, and that should bring employment and wage gains down the road.

The rest of the economy is also showing continued improvement level, as reflect in the ISM’s non-manufacturing index. That composite rose 0.9 points to 59.6, from 58.7 in July. Those actions of manufacturing and services led to high expectations on employment metrics for August. 

But the employment readings were not fairly as strong as economists had expected. The first non farm growth in jobs came in at only 141,000, after a 213,000 increase in July and a 268,000 jump in June.

The August month reading broke a streak of 6 months with 200,000+ new jobs, but the long-term trend remains strong, and the growth in service continues to be in sectors with higher average wages. Average hourly earnings rose 0.2%, as expected. 

Finally, mortgage rates remained largely no changed, at levels lower than 1 year ago. For those who can qualify, rates go on to be at once-in-a-lifetime levels.