Mortgage News for the Week of May 24, 2019
Doylestown Named Best Small Town for Cultural Scene in the Nation, Media Fifth

New Home Sales Were Down in April But There's a Good Reason

There was a 6.7% decline in new home sales in April but the 673,000 seasonally adjusted annual rate was down from an upwardly revised March total.

In fact, the March total was strong enough to set a new record monthly post-recession high of 723,000, which would have been hard to beat in April.  Read more from Mortgage Professional America.
22% of Home Buyers Expect House Search to Get Easier Soon

In the first quarter of 2019, adults planning a home purchase (i.e. prospective buyers) were asked about their expectations for housing availability in the near future. Results show that 22% expect the search for a home to become easier in the months ahead, an improvement over the 16% who had that same expectation a year earlier.  During this period, the share expecting availability to become harder or remain unchanged dropped from 73% to 67%.  More data will be necessary to determine a trend, but this finding may indicate buyers' perceptions about the availability of homes for-sale may be shifting (slightly) in a positive direction.  Read more from the National Association of Home Builders.
Homes Are Rapidly Going To The Dogs
Features such as a laundry room complete with dog shower and grooming table show just how much a pet is part of the family

We love our pets and it shows. According to new research from  Rover , a Seattle-based pet sitting and dog walking company, 60 percent of U.S. households have dogs, and spending on all pets totaled $72.1 billion in 2018, an 8.1 percent increase in just two years.

What are pet owners - often called pet "parents" by animal devotees - spending on? Services are certainly a part of it, but so are premium foods and products - and places in their homes to accommodate them.  Read more at Forbes.
Low Mortgage Rates Lead to Rise in Purchase Demand

house and graph
Mortgage rates fell for the fourth consecutive week and continued the medium-term trend of lower rates since late 2018. The drop in mortgage rates is causing purchase demand to rise and the mix of demand is skewing to the higher end as more affluent consumers are typically more responsive to declines in rates.

We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.

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Plymouth Meeting Office: 610.834.8700
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Information and analysis is obtained through third parties and is deemed accurate but not guaranteed.  Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.

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