Happy Thursday! Brian Manning here for the weekly update. I cannot believe it’s our last weekly update for 2020. What a crazy year it’s been. It’s been insane in the mortgage industry, in the real estate market, some industries have done really well some, unfortunately, have just been pummeled by this pandemic.
Our heart goes out to everyone that’s had certainly a struggle this year. Business close down, loss of employment, certainly looking forward to 2021 and a vaccine and everything, hopefully, getting back to a sense of normalcy. But here we are, closing out 2020. It’s unbelievable, I just want to do a quick weekly update. And first of all, I just wish everybody a happy new year.
So, let’s see… This week, we got Case Shiller. Case Shiller is kind of the gold standard in looking at home appreciation. For the month of October, home appreciation was up 1.4% that’s on a month-over-month basis which is really great to see. What’s really incredible, though, is on a year-over-year basis home appreciation was up 8.4%. So that means, if you bought a $300,000 home in October of last year and got to October of this year, your home would’ve gone up $25,200 in one year. So, just really phenomenal that in the face of a pandemic, in the struggling year that we’ve had, to just see a really really phenomenal strength in housing, it’s so good to see.
Also this week, we got Penning Home Sales on a national level. For the month of November, Penning Home Sales were down about 2.5% but on a year-over-year basis, Penning Home Sales are up right now 16%. So, probably not that shocked to see Pending Home Sales down a little bit right now, because inventory is down probably 20% almost everywhere you look. So, in the face of the lowest inventories we’ve seen in an extremely long time, it was still phenomenal to see such a strong, robust housing market and Pending Home Sales just working itself through and still seeing a decent amount of sales.
Markets are going to close early today for New Years and they’ll be closed all day tomorrow going into the end of the year. It’s amazing because we’re just seeing historically low interest rates. Interest rates are phenomenal right now so if you’re looking at refinancing or buying a house, you just couldn’t have a better time, it’s just unbelievable where rates are at right now. Going into next year and the beginning of January coming up, we start talking about some great predictions for the year. Right now, we’re going to have watch the senate run-off and see who takes place in Georgia because we do think that the outcome of the senate run-off in Georgia is actually going to have an impact on financial markets going into this upcoming year and I think there’s going to be an impact on interest rates there, as well based on how stocks react and who wins the senate run-off there.So, keep an eye on what’s happening in Georgia, it’s going to be really important right now.
I wish everyone a happy new year, hope you have a wonderful day and I hope you enjoy the time-off tomorrow if you get to take some time off of work. I’m around all weekend, if you have any questions, let me know. Call me, email me, text me. But over the weekend, calling my cell phone texting me is definitely the best way to get a hold of me. Happy Thursday, happy new year. Happy 2020 ending, happy everything.