Panama City Real Estate Market Update

Posted by Jennifer Mackay - Owner on Wednesday, February 29th, 2012 at 9:24am.

Here's the latest mortgage market update:

 

Market Update Week Ending February 24, 2012

The Greek bailout package was passed on Monday as expected, and there was little reaction in US markets. Mixed US economic data also had little influence. Strong Treasury auctions were the biggest factor for mortgage rates this week, and rates ended the week a little lower.

Investors are beginning to focus on the price of oil. Concerns about Iran have pushed oil prices up to the highest level in nine months. Higher energy prices are bad for consumers and the economy. Since higher oil prices have two opposite effects on inflation, though, the impact on mortgage rates is uncertain. Rising energy costs add to inflation, but they also slow economic growth, which reduces inflationary pressures. It's not clear which influence will be larger over time.

The housing data released this week continued to be encouraging. January Existing Home Sales rose 4% from December to the highest level since May 2010. The inventory of listed existing homes declined 1% to the lowest level since March 2005. January New Home Sales again exceeded expectations.


Also Notable:

  • European officials agreed to provide a $172 billion bailout package to Greece
  • Weekly Jobless Claims again held close to the 350K level
  • Consumer Sentiment rose to the highest level since February 2011
  • The Dow rose above the 13,000 level for the first time since May 2008

Next week, Pending Home Sales will be released on Monday. Durable Orders will come out on Tuesday. Revisions to fourth quarter GDP will be released on Wednesday, along with Chicago PMI Manufacturing and the Fed's Beige Book. ISM Manufacturing and Core PCE inflation are scheduled for Thursday. Personal Income, Consumer Confidence, and Construction Spending will round out a busy week.

 

Welcome to our Panama City real estate blog. Feel free to share your thoughts and insights as comments are always welcome, whether you are a consumer, journalist or another real estate professional. Our blog includes local and relevant national real estate information, Condo and Home market statistics, personal and professional insights and information about various neighborhoods, subdivisions and listings. If you would like additonal information on any of our topics, please use the contact form and I will be glad to assist you.

       

6 Responses to "Panama City Real Estate Market Update"

Debbie Gartner wrote: While housing may be looking positive, the price of oil is a tremendous concern given the control Iran and the oil producing countries have over the US, which, if we had a more strategic energy policy, would not be such a threat.

Posted on Wednesday, February 29th, 2012 at 7:46pm.

Marco Island Real Estate wrote: I like the format for the market update and the website looks fantastic. Well done, Jennifer.

Posted on Thursday, March 8th, 2012 at 2:10pm.

Real Property Management Bakersfield wrote: Isn't it interesting how foreign politics can potentially affect our housing market here in the U.S.? (Referring to the Greek bailout package). Looks like a very busy week in the world of real estate news. =)

Posted on Friday, March 9th, 2012 at 11:30pm.

Jennifer Mackay | Panama City Beach Homes for sale wrote: Thanks for stopping by - wait till you see the next update.

Posted on Tuesday, March 27th, 2012 at 9:10am.

Santaluz Home For Sale wrote: Jennifer,

Taking it back a bit to the basics, what does simple supply and demand out there look like? Is your inventory severely down? Ours has dropped by as much as 70% in some San Diego neighborhoods. I first noticed it about two months back and wasn't sure if it was going to be a temporary thing but it has lasted. We are starting to see a small tick up in price due to it. Is your market similar? I am trying to figure out if our lack of inventory is national or not.

Posted on Saturday, April 21st, 2012 at 11:04pm.

Susan Zanzonico wrote: Agreed about the price of oil, living in New Jersey we've really been getting slammed. The housing market here is picking up. Your website looks excellent Jennifer. Great that you're continually updating and improving.

Posted on Monday, April 30th, 2012 at 12:03pm.

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