Homebuilder sentiment jumped an historic striking 21 points in June to 58.
Fast Stats – Builder Sentiment
■ Northeast increased to 48 points from 31
■ South increased to 62, up 20 points
■ Midwest increased to 51, up 19 points
■ West increased to 66, up 22 points
Housing Rebound Is on the Way
This represents the largest monthly increase ever in the National Association of Home Builders Housing Market Index. Any reading above 50 indicates a positive market.
Reasons for the Shift
■ Tight inventory
■ Strong influx of mortgage applications – up 10.9%
■ Record low interest rates
■ Confidence is improving
■ Buyer traffic more than doubled in one month
■ Pent-up demand
■ Exodus of urban buyers is playing out as more rethink purchases in an age of lockdowns
Sales Metrics
■ Current sales increased 21 points to 63
■ Sales expectations for the next 6 months jumped 22 points to 68
■ Buyer traffic doubled from May to June, from 22 to 43
■ Online queries and virtual tours during the pandemic increased significantly
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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