Markets & Economy

Daily market update: January 25, 2017

We’ll add more market news briefs throughout the day. Check back to read the latest.

Federal Housing Finance Agency’s House Price Index for November 2016:

  • U.S. house prices rose in November, up 0.5 percent on a seasonally adjusted basis from the previous month.
  • The previously reported 0.4 percent increase in October was revised downward to a 0.3 percent increase.
  • From November 2015 to November 2016, house prices were up 6.1 percent.

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications increased 4.0 percent from one week earlier for the week ending January 20, 2017.
  • The refinance share of mortgage activity decreased to 50.0 percent of total applications, the lowest level since July 2015, from 53.0 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.35 percent from 4.27 percent.

Mortgage rates:

 

Home equity rates:

Most recent market news:

National Association of Realtors Existing-Home Sales for December 2016:

  • Total existing-home sales finished 2016 at 5.45 million sales.
  • In December, existing sales decreased 2.8 percent to a seasonally adjusted annual rate of 5.49 million in December from an upwardly revised 5.65 million in November.
  • With last month’s slide, sales are only 0.7 percent higher than a year ago.

Pro Teck Valuation Services Home Value Forecast: 

  • Months of remaining inventory (MRI) — the current number of active listings divided by the monthly sales rate — is around 6 months in a balanced market.
  • Communities with an MRI under 3 have jumped from 12.7 percent in December 2015 to 20.63 percent in December 2016 — a 62.44 percent increase.
  • In December 2014, this number was 9.17 percent — there’s been a 125-percent increase in communities with a dramatic shortage of homes for sale since December 2014.

Email market reports to press@inman.com.

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