U.S home prices rose at a slower pace in May, a sign that many would-be buyers are finding properties unaffordable.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.4% annual gain in May, down from 3.5% in the previous month. The 10-City Composite annual increase came in at 2.2%, down from 2.3% in the previous month. The 20-City Composite posted a 2.4% year-over-year gain, down from 2.5% in the previous month.
The sluggish price growth stems largely from the most expensive markets, where years of price growth have undermined affordability.
There were signs in a National Association of Realtors report on existing homes that prices may get some support from lower mortgage rates.
For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: Info@AppraiseNewJersey.comCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce
According to data from the Mortgage Bankers Association, U.S. long-term mortgage rates fell for the sixth consecutive week, with the key 30-year loan average running below 4% and at its lowest point since September 2017. The average rate for 15-year, fixed-rate home loans declined this week to 3.28% from 3.46%. The recent rush into the bond market has pushed up bond prices and depressed their yields. The yield on the 10-year Treasury note, which influences mortgage rates, was 2.12% late Wednesday. The average rate for five-year adjustable-rate mortgages fell to 3.52% from 3.60% last week. The fee was steady at 0.4 point.
Sales of existing U.S. homes fell in March after a huge gain the previous month, held back partly by a sharp slowdown among the most expensive properties.
The National Association of Realtors said Monday home sales fell 4.9% to a seasonally adjusted annual rate of 5.21 million, down from 5.48 million in February. The drop followed an 11.2% gain the previous month, the largest in more than three years.
Home sales are struggling to rebound after slumping in the second half of last year, when a jump in mortgage rates to nearly 5% discouraged many would-be buyers. Spring buying is so far running behind last year’s healthy gains: Sales were 5.4% below where they were a year earlier.
Most analysts expect sales to rebound in the coming months. Borrowing costs have since fallen back to an average of 4.2% on a 30-year fixed mortgage. And solid hiring is pushing employers to pay higher wages, making it easier for more Americans to afford a home purchase.
Applications for mortgages to purchase homes have been running at a healthy pace in recent months, evidence that final sales should pick up in the coming months. Demand remains strong, with homes on the market for an average of 36 days in March, down from 44 in February.
ATLANTIC CITY — Casino gaming revenue was up for the ninth consecutive month in February, according to state gaming regulators.
Total gaming revenue for the month was $232.3 million, an increase of 21 percent compared to February 2018, based on data released Wednesday by the state Division of Gaming Enforcement.
Casino revenue in the resort has increased by double digits every month since the opening of Hard Rock Hotel & Casino Atlantic City and Ocean Resort Casino in June. The continued growth of online casino gaming and the addition of a new revenue source from sports betting have also contributed to the industry’s winning streak.
Casino win — revenue generated from slot and table games — was up more than $26 million last month compared to the same time in 2018, an increase of 15.7 percent. Table games accounted for $57 million in revenue, which is up 24.4 percent. Slot machine win increased by 12.4 percent with reported revenue last month of $139.6 million.
Sports betting, which was introduced to Atlantic City casinos in June, reported revenue of $3.875 million for the month. The figure also includes sports betting revenue generated by online and mobile partners. The state’s two racetracks that offer sports betting — Monmouth Park and Meadowlands — reported revenue of $8.86 million. February was the first time legal bets on the Super Bowl were permitted in New Jersey.
Online and mobile sports betting continued to account for the majority of wagers in the Garden State. Of the $320.4 million wagered in February, 80.8 percent was done online or through a mobile application.
For all your Residential and Commercial Real Estate Appraisal needs please contact:
James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: Info@AppraiseNewJersey.comCommunity Resource LinksCape May Chamber of CommerceCape May County Chamber of CommerceAvalon Chamber of CommerceAtlantic City Chamber of Commerce
Mortgage buyer Freddie Mac said yesterday that the average rate on the benchmark 30-year, fixed-rate mortgage rose to 4.46 percent, from 4.45 percent last week. Despite the recent declines, home borrowing rates are above last year's levels. The key 30-year rate averaged 4.22 percent a year ago.
The average rate this week for 15-year, fixed-rate loans ticked up to 3.89 percent from 3.88 percent.
The Federal Reserve held its benchmark interest rate steady Wednesday and sent its strongest signal to date that it sees no need to raise rates anytime soon.
The average fee on 30-year fixed-rate mortgages rose this week to 0.5 point from 0.4 point. The fee on 15-year mortgages held steady at 0.4 point.
The average rate for five-year adjustable-rate mortgages increased to 3.96 percent from 3.90 percent last week. The fee was unchanged at 0.3 point.