insider 01_25_2018
Photo Source: Instagram via @bhg.homeservices

2017 saw the best existing home sales year since 2006. Existing Home Sales for the month of December were down slightly more than expected but November’s figure was the best in 11 years so this pullback—any pullback, really—was expected. Despite the decline and the low inventory, 2017 finished with sales up 1.1% from 2016—the high demand is still there. First-time homebuyers made up 32% of these sales in December.

New Home Sales for December were down 9.3% but this also came off November’s strong month that had the best number in a decade. This slowdown in pace did allow for the inventory of new homes on the market to increase 3.9%.

The Federal Housing Finance Agency (FHFA) Housing Price Index was up 0.4% in November. Shocker, home prices continue to rise.

Are factory-built homes the answer to low inventory? The Smart Home Company LLC has developed a few of these homes and planted them along West Michigan. They’re built to be energy-efficient with smart design features and 2 or 3 bedrooms to target millennials. They’ve become a popular choice for investors and there’s been a demand increase from such developers.

Millennials, the generation of avocado toast and craft beer, are big money savers—much more than in 2015. Sixteen percent of millennials have at least $100K in savings and 47% have a savings of $15K. Student loans aren’t holding them back. Why the focus on savings? In case of an emergency, retirement, and to buy a home are the top three given but many still believe they aren’t saving enough.

Detroit listed among cities with highest percentage of millennial homeowners. Detroit also remained on the list for 20 Hottest Markets in America for January 2018. However, California was the popular choice owning 13 of the 20 spots.

Mortgage Applications for last week were up 4.5% overall, with both purchases and refinances posting increases.

Initial Jobless Claims for last week reported at 233K. January is expected to show a strong Jobs Report.

Hall Financial (NMLS #1467435) was formed in early 2016, founded on a common mission: to be the most client focused mortgage company in the industry’s history. We were going to stop the trend of treating homeowners and homebuyers as transactions and instead, welcome them as family. We were going to treat them like the queen of England. Here, we bring you up to speed and keep you in the know with the latest housing news, home trends, and more!

0 comments on “Hot Detroit, Hotter 2017.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: