Baby boomers don’t see retirement as a withdrawal from activity but a new adventure to pursue. Many seniors will travel, volunteer, consult, and remain active members of society, while leaving a few afternoons free for the golf course and spending time with their grandchildren. A bit of interesting news, aaccording to the Kaufmann Foundation, baby boomers (born between 1946 and 1964) were twice as likely to launch a new business in 2015 compared to millennials. This information is revealed in the State of Entrepreneurship Study.
Whether it’s a planned retirement community or just a great town that welcomes retirees, AARC has already done the research for you! I hope you’ll take to time to learn about our Seal of Approval communities as AARC continues to be your information highway for retirees!
We are looking forward to our Annual Conference in Asheville Nov. 10-12, 2016. Registration is now open and it’s a wonderful opportunity to explore the nuts and bolts of our industry! Visit our Conference Page to learn more – AARC Annual Conference. Whether you’re a private developer, a chamber or tourism professional, or a government official, AARC is your information source!
Andre’ Nabors Chair, The AARC
Pending Sales Soar to Highest Level in Decade
Daily Real Estate News, REALTOR.com / May 26, 2016
Contract signings for home purchases rose for the third consecutive month, with upticks in the South and West regions of the country providing the bulk of the increase, according to the latest NAR’s latest Pending Home Sales Index.
Overall, the index climbed 5.1 percent month-over-month in April to a 116.3 reading. The index is now 4.6 percent higher than a year ago.
“The ability to sign a contract on a home is slightly exceeding expectations this spring even with the affordability stresses and inventory squeezes affecting buyers in a number of markets,” says Lawrence Yun, NAR’s chief economist. “The building momentum from the over 14 million jobs created since 2010 and the prospect of facing higher rents and mortgage rates down the road appear to be bringing more interested buyers into the market.”
Mortgage rates have remained below 4 percent in 16 of the past 17 months, a boon to home buyers. Yun predicts that rates for home purchases will continue to hover around 4 percent in the coming months, but he cautions inflation could potentially cause rates to jump suddenly.
“Even if rates rise soon, sales have legs for further expansion this summer if housing supply increases enough to give buyers an adequate number of affordable choices during their search,” Yun says.
The Midwest was the only major region of the country to see contract activity slip in April, albeit slightly. Here’s a closer look at how pending home sales fared across the country last month:
- Northeast: pending home sales rose 1.2 percent to 98.2 in April, and are now 10.1 percent above a year ago.
- Midwest: pending home sales dropped slightly by 0.6 percent to 112.9 in April, but are still 2 percent above April 2015.
- South: pending home sales increased 6.8 percent to an index of 133.9 in April, and are 5.1 percent higher than last April.
- West: pending home sales rose 11.4 percent in April to 106.2, and are now 2.8 percent above a year ago.
Home prices heat up in Sun Belt, Pacific Northwest
It was the 19th quarter of price increases for the Federal Housing Finance Agency’s index, which tracks purchases of homes with mortgages backed by Fannie Mae or Freddie Mac. Prices rose 0.7% in March compared to February, and were 6.1% higher in March than a year ago. Both figures were higher than analysts polled by Econoday had expected.
Prices were up in all states and the District of Columbia in the first quarter compared to the same period a year ago, but there was a big gap between the biggest price appreciations and the lowest.
|Rank||State||1-Year Price Appreciation|
|50||District of Columbia||0.66%|
A similar pattern emerged in the strongest and weakest metro areas. The biggest price jumps were in Florida and the Pacific Northwest, while some cities in Connecticut and New Jersey had price declines.
|Metro area||1-Year Price Appreciation|
|West Palm Beach, Florida||16.67%|
|North Port-Sarasota, Florida||14.02%|
|Cape Coral, Florida||12.10%|
|Albany, New York||0.44%|
|New Haven, Connecticut||0.01%|
|Camden, New Jersey||-0.6%|
|El Paso, Texas||-2.83%|
Builder Confidence Holds Strong in May
NAHB.com / May 16, 2016
“Builder confidence has held steady at 58 for four straight months, which indicates that the single-family housing sector remains in positive territory,” said NAHB Chairman Ed Brady. “However, builders are facing an increasing number of regulations and lot supply constraints.”
The HMI components measuring sales expectations in the next six months increased three points to 65, while the component charting current sales conditions and the index gauging buyer traffic both held steady at 63 and 44, respectively.
“The fact that future sales expectations rose slightly this month shows that builders are confident that the market will continue to strengthen,” said NAHB Chief Economist Robert Dietz. “Job creation, low mortgage interest rates and pent-up demand will also spur growth in the single-family housing sector moving forward.”
Derived from a monthly survey that NAHB has been conducting for 30 years, the HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
Looking at the three-month moving averages for regional HMI scores, the South and Midwest both registered one-point gains to 59 and 58, respectively. The West remained unchanged at 67 and the Northeast fell three points to 41.