Sullivan Team

US August Home Sales Up 0.2% and Prices Up 5.6% From Last Year, Inventory Drops


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Projected 2018 Home Sales

Essex County Housing Report August 2017

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US GDP Grows At 2.6% In Q2

                                     Modest Growth Path

Economy enters ninth year of expansion, growing at a 2.6% annual rate in the second quarter




The U.S. emerged from recession in mid-2009. Since then, GDP growth has averaged 2.1%. In contrast, growth averaged 3.6% during a 10-year span in the 1990s and 4.9% during a nearly nine-year stretch in the 1960s, the only two expansions with longer durations.

Slow and steady has produced a long stretch of job creation and left the economy on mostly stable footing, with few signs of the kind of excess that in the past have derailed long periods of growth.

US Housing Starts Are Up 7.4% from May and 5.1% From Year Earlier

The U.S. Census Bureau and the Department of Housing and Urban Development said:

Building permits were issued at a seasonally adjusted annual rate of 1,254,000 units. 

This is a 7.4 percent jump from the May rate of 1,168,000.

June permits were issued at a 5.1 percent higher pace than a year earlier.


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July 2017 Essex County Housing Report

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1st Quarter 2017 GDP Revised Upward To 1.4%

The U.S. economic expansion remains on track as it prepares to enter its ninth year.  
Gross domestic product, a broad measure of the goods and services produced across the U.S. economy, expanded at a seasonally and inflation-adjusted annual rate of 1.4% in the first quarter, the Commerce Department reported Thursday
Growing Slightly Faster
First-quarter GDP, initially reported at an anemic 0.7%, has been revised up in subsequentmonths and now stands at 1.4%.

Macroeconomic Advisers on Thursday projected a 3.3% GDP growth rate for the spring quarter and the Federal Reserve Bank of Atlanta’s GDPNow model earlier this week predicted 2.9% growth. ...

… the current expansion has been disappointingly weak, with GDP growth averaging just 2.1% a year.  That is weaker than any other recovery since at least 1949. Still, the unemployment rate has continued to decline, hitting 4.3% in May—its lowest level in 16 years. For

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NAR Home Sales Report 6-23-2017

  • Existing home sales at third highest level this year.
  • Inventory of homes for sale has dropped 8.4% since last year, marking the 24th consecutive month of year-over-year declines.
  • NAR’s Chief Economist, Lawrence Yun had this to say: "Listings in the affordable price range are scarce, homes are coming off the market at an extremely fast pace and the prevalence of multiple offers in some markets are pushing prices higher.”


The Cost To Buy VS Rent June 2017


Top Home Renovations for Maximum ROI