Single Family Existing Home Sales expected to rise to a decade high in 2017, Closing times for mortgage loans fell, Price of Gas

May 19, 2017

The National Association of REALTORS® (NAR) reports that single-family existing home sales are expected to rise to a decade high in 2017, fueled by a strong labor market and improving household confidence. The NAR reports that the first quarter of 2017 saw 5.62 million existing homes sold, the best quarter in a decade, up 3.5% from the same period last year. The NAR has forecasted that sales will increase 5% in 2017. However, started home shortages could be a problem and may discourage would-be first time homebuyers.

Ellie Mae reported on Friday that closing times for mortgage loans fell in April for the third consecutive month. The time it takes to close a loan fell to 42 days in April from 43 in March and a big drop since the 51 days seen in January. On the refinance end, it now takes 41 days to close the loan from 43 days in March. Ellie Mae cites improved technology in the reduction of time.

Motorists are gearing up for the long Memorial Day weekend next week as Americans gas up their cars and head to their favorite getaway destinations. The national average price for a regular gallon of gasoline fell to $2.34 this week from $2.40 a month ago, though up from $2.26 a year ago. The increased summer driving could cause a bump up in prices, but motor club AAA doesn’t see a significant increase.