We have enjoyed quite a market run over the past couple of weeks with the Dow hitting new highs within a number of the last few trading sessions. This renewed market confidence was stifled slightly on Friday morning as a less than stellar Consumer Sentiment report was released.
According to the University of Michigan/Thompson Reuters Sentiment report, their Consumer Sentiment index for March dropped to a reading of 71.8 from its February position of 77.6. Consumers are feeling the pinch from increased gasoline and other commodity prices thereby directly reflecting a more subdued short-term outlook.
As is generally the case, when we receive less than positive economic news, mortgage rates are the beneficiary. That rings this true this morning as we have seen slight improvements in both the 10 Year yield and MBS’s.
Triangle housing data continues to improve in year-over-year metrics, according to the February report out from Triangle Multiple Listing Services. Here are a few of the highlights.
1. New Listings increased by 10.3 percent
2. Closed Sales increased by 9.8 percent
3. Days on Market decreased by 11.1 percent
4. Inventory levels decreased by 13.4 percent
Anecdotally, we are off to a very strong start within the spring buying and selling market in 2013. Multiple home offers have become commonplace once again and home prices are beginning to reflect the increased market demand.