NMLS 338105

1 (866) 861-5708

BETH HOFFMAN
BROKER/OWNER

   NMLS 337855


   

 

NMLS 338105

1 (866) 861-5708

BETH HOFFMAN
BROKER/OWNER

   NMLS 337855


   

 

New Home Purchase
Purchase Basics, Qualification, Loan Calculators (How much home can you buy?)


Refinance
Refinance Basics, Loan Calculators


Free Consultation

 

 

New Home Purchase
Purchase Basics, Qualification, Loan Calculators (How much home can you buy?)


Refinance
Refinance Basics, Loan Calculators


Free Consultation

 

 

Alternative Mortgage Sources is an independent loan brokerage owned and operated by Broker/Owner Beth Hoffman since 1986. Beth has earned a reputation for "demystifying the loan process" while delivering superior service to over 2,500 clients throughout the state of California.

Alternative Mortgage Sources is a full service mortgage broker offering expertise in every area of mortgage lending...from purchases to refinancing. We have access to a full range of mortgage sources to find the right loan — with the best rates, terms and costs — to meet our clients' unique needs. But that's just the beginning. Throughout the lending process, we provide regular loan updates and progress reports so clients always know the status of their loan.

Beth Hoffman, dba Alternative Mortgage Sources,
CA Dept. Of Real Estate Real Estate Broker, DRE # 00685309
NMLS #337855/NMLS #338105

Alternative Mortgage Sources is an independent loan brokerage owned and operated by Broker/Owner Beth Hoffman since 1986. Beth has earned a reputation for "demystifying the loan process" while delivering superior service to over 2,500 clients throughout the state of California.

Alternative Mortgage Sources is a full service mortgage broker offering expertise in every area of mortgage lending...from purchases to refinancing. We have access to a full range of mortgage sources to find the right loan — with the best rates, terms and costs — to meet our clients' unique needs. But that's just the beginning. Throughout the lending process, we provide regular loan updates and progress reports so clients always know the status of their loan.

Beth Hoffman, dba Alternative Mortgage Sources,
CA Dept. Of Real Estate Real Estate Broker, DRE # 00685309
NMLS #337855/NMLS #338105

 

Existing Home Sales Slip While Price Rise

22 June-21 10:25 ET

10-Year: - 1/32 1.487%   US/JPY: 110.66   EUR/US: 1.1906 

 

Data Recon

  • Existing home sales decreased 0.9% m/m in May to a seasonally adjusted annual rate of 5.80 million (Briefing.com consensus 5.71 million) from an unrevised 5.85 million in April. Total sales in May were up 44.6% from a year ago when they were depressed in the early stages of the pandemic.
  • The key takeaway from the report is that the supply of existing homes for sale remains extremely limited. That is driving up the pace of price increases well beyond the pace of income gains, which is going to create affordability pressures for prospective buyers, particularly first-time buyers.
  • The median existing home price for all housing types increased a record 23.6% year-over-year to $350,300, representing the 111th consecutive month of year-over-year gains and the highest on record. The median price for single-family homes increased 24.4% yr/yr to $356,600.
  • Existing home sales across regions: Northeast (-1.4%); Midwest (+1.6%); South (-0.4%); and West (-4.1%).
  • Median home prices by region year-over-year: Northeast (+17.1% to $384,300); Midwest (+18.1% yr/yr to $268,500); South (+22.6% to $299,400); and West (+24.3% to $505,600).
  • The inventory of homes for sale at the end of May was up 7.0% month over month at 1.23 million units, but down 20.6% from a year ago.
  • Unsold inventory stood at a 2.5-month supply at the current sales pace versus 2.4 months in April and 4.6-months a year ago. This is well below the 6.0-months' supply typically associated with a more balanced market.
  • First-time buyers accounted for 31% of sales in May, unchanged from April but down from 34% in May 2020.
  • All-cash sales comprised 23% of transaction in May versus 25% in April and 17% in May 2020.
  • 89% of homes sold in May were on the market for less than a month, with properties typically remaining on the market for 17 days -- a record low -- versus 26 days in the same month a year ago.

Yield Check:

  • 2-yr:    -2 bps to 0.23%
  • 3-yr:    -2 bps to 0.44%
  • 5-yr:    -2 bps to 0.87%
  • 10-yr:   UNCH at 1.49%
  • 30-yr: +2 bps to 2.12%

Bond Market Update

Prop. 19 passes, but questions about California property tax measure remain

 

Existing Home Sales Slip While Price Rise

22 June-21 10:25 ET

10-Year: - 1/32 1.487%   US/JPY: 110.66   EUR/US: 1.1906 

 

Data Recon

  • Existing home sales decreased 0.9% m/m in May to a seasonally adjusted annual rate of 5.80 million (Briefing.com consensus 5.71 million) from an unrevised 5.85 million in April. Total sales in May were up 44.6% from a year ago when they were depressed in the early stages of the pandemic.
  • The key takeaway from the report is that the supply of existing homes for sale remains extremely limited. That is driving up the pace of price increases well beyond the pace of income gains, which is going to create affordability pressures for prospective buyers, particularly first-time buyers.
  • The median existing home price for all housing types increased a record 23.6% year-over-year to $350,300, representing the 111th consecutive month of year-over-year gains and the highest on record. The median price for single-family homes increased 24.4% yr/yr to $356,600.
  • Existing home sales across regions: Northeast (-1.4%); Midwest (+1.6%); South (-0.4%); and West (-4.1%).
  • Median home prices by region year-over-year: Northeast (+17.1% to $384,300); Midwest (+18.1% yr/yr to $268,500); South (+22.6% to $299,400); and West (+24.3% to $505,600).
  • The inventory of homes for sale at the end of May was up 7.0% month over month at 1.23 million units, but down 20.6% from a year ago.
  • Unsold inventory stood at a 2.5-month supply at the current sales pace versus 2.4 months in April and 4.6-months a year ago. This is well below the 6.0-months' supply typically associated with a more balanced market.
  • First-time buyers accounted for 31% of sales in May, unchanged from April but down from 34% in May 2020.
  • All-cash sales comprised 23% of transaction in May versus 25% in April and 17% in May 2020.
  • 89% of homes sold in May were on the market for less than a month, with properties typically remaining on the market for 17 days -- a record low -- versus 26 days in the same month a year ago.

Yield Check:

  • 2-yr:    -2 bps to 0.23%
  • 3-yr:    -2 bps to 0.44%
  • 5-yr:    -2 bps to 0.87%
  • 10-yr:   UNCH at 1.49%
  • 30-yr: +2 bps to 2.12%

Bond Market Update

Prop. 19 passes, but questions about California property tax measure remain