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New and Pending Home Sales

New Home Sales

New home sales ran at a seasonally adjusted annual rate of 689,000 in May. This level beat economists predictions of a 668,000 selling pace, although revisions to prior months were mostly negative. Sales of newly constructed homes were 6.7% higher than the downwardly revised April pace and 14.1% higher than they were a year ago. The median sales price in May was $313,000, which is 3.3% lower than a year ago. With a faster selling pace it would take less time to exhaust available inventory, 5.2 months at the current pace, compared to 5.4 months in April. New home sales have been slowly growing higher, but the month to month report, based only on small samples of data, are always choppy. In May year to date sales were 8.8% higher than the same period in 2017, a tick up from 8.4% in April. May’s pace was the second strongest of the current cycle. The biggest challenge for the housing market is still the lack of supply to feed years of pent up demand. Previously owned homes spent an average of only 26 days on the market in May, yet May sales were still lower than in April due to their lean volumes. To put the data into perspective the 2017 average was 613,000. The fourth quarter average was considerably higher at 655,000 but that period likely included significant rebuilding activity after the past season’s hurricanes. The first quarter of 2018 average held essentially steady at 656,000 and the April-May average of 667,000. It appears that a gentle uptrend in new home sales remains in place.

Pending Home Sales

US pending home sales declined 0.5% to a reading of 105.9 in May. The index tracks real estate transactions in which a contract has been signed but the transaction has yet to close, this measure dropped to a four month low in May and missed economists forecasts of a 0.6% increase. The index was 2.2% lower than a year ago. That’s the fifth straight month of negative annual readings. The story in the housing market remains centered around supply not demand. Realtors in most of the country continue to describe their markets as highly competitive and fast moving but without enough new and existing inventory for sale, essentially stalling activity. Contract signings precede sales by approximately 45 to 60 days, so this report signals the next batch of existing home sales data could be yet another disappointment.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
805.543.LOAN info@centralcoastlending.com
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FOMC Votes to Raise Federal Funds Rate in Latest Meeting

The Federal Reserve in their meeting that took place Wednesday June 13th, voted to raise the US interest rate, this underscores the central bank’s confidence in a steadily growing economy but does acknowledge the recent rise in inflation. The bank as expected lifted its federal funds rate by a quarter of a percentage point to a range of .75%-2% now. The Fed also signaled a shift in thinking by projecting a total of four rate increases in 2018 rather than the previously planned three rate hikes. The Fed members remain closely divided over whether the bank should boost rates three or four times this year; with eight of the Fed officials expecting interest rates to rise at least four times; and seven members forecasting only three forecasts. This lack of consensus among interest rate changes reflects the uncertainty about how high inflation will rise and how far the Fed can go before damaging the economy. Fed Chairman Jay Powell stated, “if you raise rates too quickly, you are just increasingly the likelihood of recession.” The Fed’s preferred inflations has already hit the bank’s long run 2% target rate. The Fed predicts inflation will end up around 2.1% by year end suggesting the central bankers think prices will ease later this week. The Fed found particularly surprising the slow rate of increase in worker pay despite the lowest unemployment rate in almost two decades and growing shortages of skilled labor. The Fed no longer thinks money is very cheap or that the economy needs as much help as it once did, they stated the economy is in great shape. Beyond this year, the Fed predicts it will raise rates three times in 2019 and one more time in 2020 to push its benchmark rate up to 3.4%. Eventually the rate is expected to slip back to around 3% or less.

Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile
805.543.LOAN info@centralcoastlending.com
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New Listing! 37+ Acres with Amazing Santa Margarita Views


Amazing views from this almost 40 acres in Santa Margarita. This property is only 20 minutes from downtown San Luis Obispo. Enjoy Nightly views of the Milky Way, and vista views that go all the way to Monterey! The property has a mountain straw bale house. The house is powered by solar and wind, the batteries are less than a 1 year old, and the roof is new on the back section of the house. There is also a Pacific Yurt, plus a storage structure, (down a path). There is not a working well on the property. Seller gets water delivered to a large water tank which is approx. $180 per 2,500 gallons. There is a dirt road to another area on the property that could be a separate building site. The deck around the house overlooks canyons, and coastal ranges. The ultimate in peace, privacy and space. This property is located close to BLM land, lots of wildlife here. Owner will carry with $100,000 down, terms are negotiable, you must have good credit. There are a lot of paths on this property perfect for hiking, horse back riding, or riding a quad. Santa Margarita Lake is nearby for fishing, and boating. The town of Santa Margarita is like a step back in time, with a few popular restaurants only 10 minutes away.
Kathy Birkhahn 805.610.6650
Lic# 00915832

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! 3 Bedroom 2 Bath in Templeton


Situated on approximately five acres, this 3 bedroom/4 bathroom, 3057 +/- square foot home is designed with entertaining in mind. A private driveway located off a quiet cul-de-sac in the highly desirable Templeton School District leads you up to the 3 car garage and inviting entry way. The open floor plan includes a bright kitchen with bar seating, ample storage, and double ovens. Relax by the fireplace in the spacious living room while taking in the views of the pool. A split-wing design provides separation for the master suite which features a walk-in closet, en suite with large soaking tub and generously sized office. Bonus room above the garage is perfect for a game room or optional fourth bedroom. Outside, the covered patio provides shade for relaxing by the pool with a build in rock waterfall with waterslide. Stunning views can be seen at both sunrise and sunset. A built in fire pit extends the entertaining into the evening.
April Fehrer 805.610.0345
Lic# 01446379

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! 5 Bedroom 3 Bath Home


Exquisite 5 bedroom, 3 bath remodeled home in Foxenwoods! This beauty offers over 2400 sq ft of living space along with unique upgrades and features not found nearby. Granite slab countertops, travertine backsplashes, custom designed tile flooring, gorgeous hardwood flooring, scraped ceilings, newer appliances, beautiful fixtures, and all the bells and whistles including dual pane windows. One bed and bath are conveniently located downstairs off of the family room. Indoor laundry and RV parking too!
Wendy Teixeira 805.310.3505
Lic# 01345995

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! Beatiful Cottage Home With Picket Fence


Framed by an adorable picket fence and situated on a quiet culdesac in Orcutt, your cottage awaits!! With brand new carpet and custom paint, this spotless home is ready for a new memory maker! This home offers 3 bedrooms and 2 baths along with a large family room with fireplace and built-in bookcases, a dining area with built-in hutch, a breakfast bar and roomy kitchen. Two French doors in the home allow easy access to the park-like backyard–including a large covered patio, custom, built-in BBQ pit and adorable gazebo. This is a must see!!
Wendy Teixeira 805.310.3505
Lic# 01345995

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! Newly Remodeled Atascadero Home


This newly remodeled 4 bedroom, 3 bath home is located among mature trees on a half-acre lot. You’ll love the open concept floor plan that flows seamlessly from the living room into a spacious kitchen. The kitchen features granite countertops, new cabinetry, and stainless steel appliances with a view of your serene property. There is new carpet, new tile and new laminate flooring throughout the entire 1625 +/- square foot home. Keep cool in the summer and warm in the winter with the new energy efficient vinyl windows, new HVAC and a new roof. Master bedroom includes a large walk in closet and en suite with soaking tub. Two full bathroom and one three-quarter bathroom feature new fixtures and faucets. A new tankless water heater will provide you with ample hot water on demand. A private exterior access to the fourth bedroom with en suite allows for possible home office, guest lodging or granny unit. Situated among the quiet of nature, this home isn’t far from shopping and amenities.
April Fehrer 805.610.0345
Lic# 01446379

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! 2 Bedroom 1 Bath Condo


Beautiful Knollwood Terrace 2 bedroom 1 1/2 bath condo(PUD) is clean and move in ready. Updated flooring in Kitchen and Bathrooms. Laundry area located in single car attached garage. Great location that is in the Orcutt School District and easy access to the 101 freeway. The complex includes pool, spa and clubhouse for resident enjoyment. ***Information deemed reliable but not verified or guaranteed by broker***
Shea Hutchinson 805.260.6322
Lic# 01189054

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! Brand New Home in Brand New Community


Brand new home in a brand new community! One of 36 homes in Trillium on the Grand in quaint Arroyo Grande. Stop by and see the 2 model homes. et. Designer-selected standard finishes, including granite slab counters in the kitchen, wood cabinets, and elegant smooth textured finished walls. Well appointed owners suites with large closets and dual sink vanities. 9′ ceilings in second floors and oversized low-e vinyl windows that make these homes light and bright throughout. Handset paver entry walkway. Common community outdoor space is a wonderful gathering place for family, friends, and neighbors. Fenced yard. Attached 2 car garage. You will appreciate the convenient location not far from freeway access, minutes to the beach, downtown, and to San Luis Obispo and South County cities. Photo is a rendering which may not be exact to actual property.
Kim Bankston 805.674.2298 Lic# 01051016
Collette Kutil 805.801.8114 Lic# 01880851

Written by Keith Byrd - Go to Keith's Website/Profile

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New Listing! 3 Bedroom on 7 Acres- Atascadero


Views, views, and more views!! All to be enjoyed from a lovely home that is comfortable, well maintained, and planned so that these remarkable views can be enjoyed from throughout the house. Located on 7+ acres near the corner of San Marcos, Portal, and Escondido, the location is quiet and private, while being close to downtown Atascadero and Highway 41 West. The well thought-out 2500+ sq.ft floorplan includes 3 bedrooms, 2 ½ baths, living and family rooms, spacious decks, and basement storage area. There is also a large, detached, covered RV parking structure. Don’t miss this exceptional opportunity to live with the world at your feet and oak trees overhead.
Beverly James 805.748.8613 Lic# 00841774
Nancy Heins 805.458.3583 Lic# 01757840

Written by Keith Byrd - Go to Keith's Website/Profile