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Purchases of previously owned U.S. homes unexpectedly rose in July to the highest level since February 2007, consistent with further strength in the housing market.

Contract closings increased 2 percent to a 5.59 million annualized rate from the prior month’s revised 5.48 million pace, figures from the National Association of Realtors showed Thursday. The median forecast in a Bloomberg survey called for a drop to 5.43 million. Prices rose and inventory shrank.

Employment gains and low borrowing costs are helping encourage trade-up purchases, providing a little more fuel for the economy. The data and a report earlier this week showing the strongest pace of new construction since 2007 are consistent with the Federal Reserve’s view that housing is improving.

“Housing demand continues to improve,” Jennifer Lee, a senior economist in Toronto for BMO Capital Markets, said before the report. “The bigger story, about continued job growth, will remain the main support for the housing rebound.”

Estimates in the Bloomberg survey of 73 economists ranged from 5.3 million to 5.65 million. The prior month’s pace was revised from a previously reported 5.49 million.

Existing home sales, tabulated when a purchase contract closes, account for more than 90 percent of the residential market. New-home purchases, which make up about 7 percent and are tabulated when contracts are signed, are considered a timelier barometer.

Compared with a year earlier, existing-house sales increased 10.3 percent.

Median Price

The median price of an existing home climbed 5.6 percent from July 2014 to reach $234,000.

While outsized gains in property values hurt affordability for prospective buyers, more gradual property appreciation helps make it easier for homeowners to sell their dwellings.

First-time buyers accounted for 28 percent of all purchases, down from 30 percent a month earlier. All-cash transactions made up about 23 percent, down from 29 percent a year earlier and a sign that investors are gradually stepping out of the market.

Distressed purchases, comprised of foreclosures and short sales, in which the lender agrees to a transaction for less than the balance of the mortgage, accounted for 7 percent of the total, down from 8 percent in June.

The number of previously owned homes on the market fell 0.4 percent to a three-month low of 2.24 million. At the current sales pace, it would take 4.8 months to sell those houses compared with 4.9 months at the end of June. Less than a five months’ supply is considered a tight market, the Realtors group has said.

Lean Inventory

“We have this broad-based housing shortage,” Lawrence Yun, NAR chief economist, said at a news conference as the figures were released. “Rents are rising fast, home prices are rising fast. This is a result of under-production.”

Sales of existing single-family homes increased 2.7 percent to an annual rate of 4.96 million. Purchases of multifamily properties — including condominiums and townhouses — fell 3.1 percent to a 630,000 pace.

Demand rose in two of four regions, led by a 4.1 percent gain in the South.

Surging rental costs and limited vacancies have the potential to persuade more Americans to take the homeownership plunge, which may encourage builders to step up construction. Residential starts rose in July to a 1.21 million annualized rate, the most since October 2007, Commerce Department data showed.

Job Market

Persistent job growth and favorable borrowing costs are the building blocks for improving housing demand. The economy has created almost 1.5 million new jobs this year through July, after 3.1 million in 2014.

Another report Thursday showed employers are keeping headcounts in line with demand. First-time claims for jobless benefits rose by 4,000 to 277,000 last week, according to the Labor Department. Applications have been lower than 300,000, a level typically associated with an improving job market, since early March.

The average rate on a 30-year fixed mortgage is below 4 percent, less than a half percentage point above the 3.6 percent rate in February that was the lowest since May 2013, according to Freddie Mac data.

A pickup in the number of available properties, particularly entry-level homes, would provide an added boost to the housing market by restraining price appreciation and luring more young adults who have been largely absent from the market.

Fed policy makers, at their July meeting, noted the improvement in housing, according to the minutes released on Wednesday. Central bankers, who are considering when to raise borrowing costs, last raised the benchmark rate in 2006. The Fed has held it close to zero since 2008 to try to stimulate economic growth.

MDWFP Conservation Officers Rescue Missing Man MDWFP Conservation Officers recently rescued Jordan Taylor in a heavily wooded area .5 mile from Hebron Road in Holmes County. On July 19 at 2:30 p.m., Conservation Officers received a call from the Holmes County Sheriff’s Office for assistance in locating Taylor who was last seen by family members early morning of July 18. Conservation Officers Jason Blaylock, Derrick Scott, and Phillip Fancher initiated an immediate search of Taylor’s last known location. During the search, the officers discovered tracks, broken switch cane, and articles of clothing. Later that afternoon Scott located Taylor lying on the ground unable to walk, semiconscious, and dehydrated. Fancher and Scott cleared an access area while Blaylock and EMS medical personnel carried Taylor several hundred yards to an awaiting medical transport. Taylor was transported to a hospital for treatment. “Due to the extreme heat and other conditions it is highly probable that Mr. Taylor would not have made it through the night,” said Col. Steve Adcock, MDWFP Chief of Law Enforcement. “Once again our Officers’ determination and training have saved another life,” Adcock added.

With the high winds and rain that affected the greater Memphis area the other day, some are still dealing with fallen trees and roof damage from limbs and the high winds.

High winds can tear and remove shingles, leaving the roof deck, old shingles or underlayment exposed to the elements.

Hail can leave dents in shingles, breaking down or dislodging the protective granules that protect your roof against the elements (Sun and rain).

Draper Consulting Service recommends you do not attempt to inspect the roof by walking on. If you suspect damage, we recommend you contact us or another professionally licensed and insured contractor.

Here’s a helpful way to check for any damage from the storm;

1. Walk around the perimeter of home and take note of the roof above for any damage. Look for any torn, missing or curled shingles. (take photographs)
2. Check gutters – check for any loose gutters, or sections that are not allowing the water to drain properly. (Good time to add some gutter extensions to direct water further away from the foundation of the home)
3. Check windows (screens, glass)
4. Also, look around property, such as any exterior belongings like furniture, decorations and landscape lighting. Check Patio’s, Deck’s, Pool’s, Spa’s and equipment.
5. On Interior of home, check your attic and ceilings closely for any signs of moisture, although the roof may appear intact, unseen damage may have caused leaks that can lead to problems later. (water leaks tend to appear around light fixtures) Check the attic closely, pay special attention to any vent penetrations to the exterior.

Speak with several contractors

1)      Get Estimates – Don’t let a few hundred dollars decide on a project that will cost several thousand. Many Contractors offer free estimates. 

2)      Research Credentials – Do a Google search, type company name-complaints and see what pop’s up. Verify they are licensed and insured. (Check business web-site)

3)      Review  Contract and Warranties – Read and review contract and prepare any questions on areas you don’t understand. Workmanship should be guaranteed for at least 5 years and the roofing materials should come with a 20 year or more warranty.

4)      Make sure your roofer gets a permit – Have them take care of this for you. This is commonplace and should be expected.

5)      Do not pay in full upfront – Always pay with a credit card and do not pay in cash, in worst case scenario you will have a much better chance to recoup any monies without expensive litigation.  It is an acceptable practice for a deposit to be made in good faith, and then establishing a payment schedule. (Some companies require no deposit.)

The National Roofing Contractors Association released a Consumer Advisory Bulletin stating:

“A roofing warranty’s length should not be the primary criterion in the selection of a roofing product or roof system because the warranty does not necessarily provide assurance of satisfactory roof system performance. There is a common misconception by roofing consumers that long-term warranties are all-inclusive insurance policies designed to cover virtually any roofing problem, regardless of the cause or circumstance. Even the most comprehensive manufacturer warranties that cover materials and workmanship generally provide only that the manufacturer will repair leaks that result from specific causes specified in the warranty. Unfortunately, there are a number of manufacturers that issued long-term warranties and no longer are operating companies with the capability of honoring their warranty commitments, leaving consumers with an ineffective warranty and serious roofing problems.”

Many products today come with a lifetime warranty, the warranty is good for as long as you live in the home. On average, homeowners move every 5 to 8 years, and all warranties will come with exclusions and may not pay for all cost involved. (roof removal, labor and clean up to name a few.)