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Merry Christmas and Happy New Year!

Merry Christmas and Happy New Year!

TARMLS - NOVEMBER 2017

Below are some highlights from the November Residential Sales Statistics:

• Total Sales Volume of $279,460,100 is a decrease of 3.26% from October’s number of $288,890,599 but an increase of 9.31% since November 2016.  

• The Average Sales Price is up this month going from $238,358 in October to $246,437, a 3.39% increase.

• Average List Price of $252,533 increased 3.58% from October.   

• Total Under Contract of 1,531 is a decrease of 7.38% since last month.

• Total Unit Sales of 1,134 is a 6.44% decrease from October’s 1,212. 

• The Median Sales Price rose this month to $207,527 from $199,900 in October resulting in a 3.82% increase and a 12.24% increase over November 2016.   

• New Listings decreased significantly this month going from 1,896 in October to 1,494 in November resulting in a 21.20% change.

• Total Active Listings of 3,611 is a decrease of 2.11% from last month.  

• Average Days on Market increased from 40 to 44 this month.  

• Conventional loan sales of 44.2% exceeded Cash Sales of 24.6%.

Mortgage bond prices finished the week higher which put downward pressure on rates. Rates were stable Monday morning despite stock strength that had the DOW up 264 points early that day. The Senate passed tax reform which had stocks optimistic. Factory orders fell 0.1% versus the expected 0.4% decrease. ADP payrolls rose 190K as expected. Revised Q3 Productivity was 3% versus the expected 3.3% reading. Weekly jobless claims were 236K. Analysts expected a reading of 240K. Unemployment was 4.1% as expected. Payrolls rose 228K versus the expected 200K increase. The strong payrolls component sent stocks sharply higher again Friday. Consumer sentiment was 96.8 versus the expected 98.8 which tempered some of the positive economic outlook. We ended the week better by approximately 1/4 of a discount point.

December 08, 2017

Information provided by: The Brannon Group / NOVA home loans

"'Wine-ding' Down the Year"-- a Wine-Tasting Event!

Tucson REALTORS® Charitable Foundation cordially invites you to a Wine and Beer Tasting! 

Your choice of wine or beer flights, appetizers, music, holiday cheer, and much more! 

It's all for a good cause! 

Wednesday, December 13 * 5:30 pm - 8:30 pm Three Canyon Wine & Beer Garden 

4999 N. Sabino Canyon, Tucson

UPDATE! TAX REFORM:

Both the House and Senate have named the members of the conference committee.  The committee will begin meeting next week, its goal is to send a final bill to the President by December 15, 2017.  NAR will continue to run the Call for Action until the committee finishes the legislation. 

The Call for Action will now include language on State and Local Tax deductibility. Although the two bills have the exact same language, discussions are ongoing to make changes during the tax conference negotiations.  This has created an opportunity for NAR to seek an expansion of the tax deduction to include income taxes, an increase in the cap and indexing the cap to inflation.

Information provided by: Tucson Association of Realtors

Mortgage bond prices finished the week lower which put upward pressure on rates.  Trading was quiet the first portion of the week.  Stocks surged higher the latter portion of the week as the DOW hit record levels.  Housing prices continued to rise according to both the Federal Housing Finance Agency (FHFA) and the Case Shiller releases.  Low inventories coupled with low interest rates are two reasons cited for the year over year rise in prices.  Consumer confidence was stronger than expected.  Revised GDP rose 3.3% versus the expected 3% reading.  This figure moved in the right direction but many analysts still want to see higher GDP figures with so much support from the Federal Reserve.  Core PCE inflation rose 0.2% as expected.  ISM index was 58.2 as expected.  We ended the week worse by 1/4 of a discount point.

Information provided by: The Brannon Group / NOVA Home Loans