The Real Estate Market Update is presented courtesy of Lisa Nicholas, Michelle Connor, Sherry Sawyer and Jamie Mason, Mortgage Consultants, Prime Lending, Shelton, CT.  Please remember that real estate is local, and the Update below is national in scope.  It might not accurately reflect the housing market where you live or are thinking of moving to.

INFO THAT HITS US WHERE WE LIVE... There were several items of good news in the real estate market last week starting with a Census Bureau report on construction. Despite all the yack about winter weather slowing things down, it turns out construction spending during the first four months of the year was 8.9% above the same period in 2013. The $274.5 billion worth of activity was good news indeed. This level of spending appears to be growing, as the ADP Employment Report showed the construction industry adding 14,000 jobs in May.

Other good news included the research data that demand for purchase mortgages in the last three months gained a cumulative 9%. On the pricing front, a national listing site said prices are beginning to stabilize. Their chief economist explained: "...home price changes are looking more balanced, sustainable and widespread than at any point since the price recovery began." With home prices still rising, but in a more controlled fashion, there are now more than 43 million homes with equity. This should encourage more people to put their properties on the market, improving the inventory situation.

Have a great day!
Bob and Judy