-June 18,2019-
Lower interest rates spur California home sales
The California Association of Realtors reports that lower interest rates spurred home sales in May and the state’s median home prices edged higher as well. May sales are up 2.6% from April but down 0.6% from May 2018..Still the state’s housing market remains soft says CAR president Jared Martin.
In our reading area San Luis Obispo’s median price was $640,000, up from $638,660 a year ago but down from $650,000 in April 2019. Sales were higher year over year by 4.1%.
In Tulare County the median price was $248,00, up for $234,000 a year earlier. Sales were 1.4% higher.
Mortgage rates are hovering near 4% says the mortgagr bankers.Nationwide, mortgage rates fell to the lowest level since September 2017 and total mortgage applications surged 26.8% last week. That increase was led by an increase in refinancing, the Mortgage Bankers Association (MBA) last Wednesday.
Applications to refinance mortgages jumped a whopping 47% from the prior week to the highest level since 2016.
New passenger car sales drop in California
The California New Car Dealers Assn reports California new passenger car sales were down over 10% year over year through March while light trucks were down just 1%.
By market share, new registrations of passenger cars were 44% of the market in California while light trucks were 56%. Nationwide passenger car sales were just one third of sales for the first quarter.
Total California new vehicle registrations are expected to reach 1.92 million units, down from a high of 2.09 million units in 2016.
In other news California hybrid/electric vehicle sales added up to 12% of all sales in the first quarter of 2019. Meanwhile the used vehicle market is up just under 1% led by used trucks – up better than 4%.
VP of Tractor Supply says tariffs hurt farm community
The VP of retailerTractor Supply Company,Ken Strait says they have almost 1,800 stores across America serving the needs of customers in small towns and rural areas. Tractor Supply is often the only source of affordable farm and ranch products in these communities directly supporting farmers, ranchers, factory workers, and their families.
Products include work boots, clothing, equipment, supplies and home goods. Tractor understands United States policy goals with respect to China and will pay import duties on items subject to the Section 301 duties as an American company. However, there are certain products that should not be subject to additional 301 duties because the additional duties will directly and adversely affect the families that can’t afford to pay more for the items they need on a daily basis to make a living and raise their children. Specifically, l would like to testify regarding products under the following subheadings that are currently on Proposed List 4: 8465.96.00 (log-splitters), 6403.40.3090 (protective steel-toe work boots), 8513.10.2000 (flashlights), 7321.81.1000 (non-electric portable heaters), and 9503.00.0073 (toys).
“My testimony will explain the reasons why many of these products must be imported as there are no US equivalents, why the imposition of these tariffs are not related to critical Chinese development, and why imposing additional duties on these basic commodity items will adversely impact working farmers, ranchers, and factory workers, with no benefit to the foreign policy goals of the United States.”