Market Update
- Europe continues to influence mortgage rates. This week's action was driven by negotiations over Greece's looming debt payment.
- This year's Q1 economic slowdown was less severe than estimated, raising expectations for growth in 2015. A strong economy will usually lead to higher rates which will cost La Mesa home buyers.
- Consumer spending rose in May at the fastest rate in almost 6 years. Increased consumer spending fuels the economy and could lead to higher rates.
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Housing News
-Existing home sales nationally including La Mesa homes surged to a 5-1/2 year high in May, the latest indication that housing and overall economic activity were gathering steam in the 2nd quarter.
- First time La Mesa home buyers led the market, accounting for 32% of home buying transactions in May. Stronger wage growth is one factor spurring market improvement.
- New home sales in May were an astounding 19.5% higher year-over-year. Available new homes have dipped to a 4.5 month supply.
Chris Melingonis and chrisMproperties have helped his La Mesa clients get through the buying and selling process to fulfill their dreams of home ownership and investment. Please contact me with questions about an La Mesa home for sale or if you are interested in finding out how much your La Mesa home is worth.
