Daily market update: Sept. 16, 2015

FNC’s July 2015 residential price index:

• Home prices rose at 0.2 percent month-over-month, a much slower pace than the January through May price increases.
• This is the weakest June-to-July seasonal growth in the past three-and-a-half years.
• Final sales for foreclosed and REO properties comprised 9.0 percent of all total existing homes sales, down from 9.7 percent in June 2015 and 10.4 percent in July 2014.

Trulia’s housing affordability research:

• Affordability has fallen in 89 of the 100 largest housing markets.
• Ohio is the most affordable state; California is the least.
• Some affordable metros become less affordable when transportation and utility costs are factored in.

Weekly mortgage rates:

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

Yesterday’s market news:

NAR’s housing affordability numbers for July:

• The median single-family home price is $235,500, up 5.8 percent from July 2014.
• The West had the biggest increase in price at 8.4 percent; the Northeast saw price increases of 1.8 percent, making this region the slowest-growing in the U.S.
• Nationally, affordability indices are down from 155.4 in July 2014 to 151.2 in July 2015.

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