Markets & Economy

Real estate market recap, Oct. 26-30, 2015

The big news in real estate markets, recapped for your convenience

Check Inman every day for the daily version of this market roundup.

Mortgage rates:

Home equity rates:

Friday, Oct. 30:

Yardi Matrix October 2015 multifamily report:

  • U.S. multifamily rents stayed level at $1,166 in October.
  • This was the first survey in 2015 in which rent did not rise month-over-month.
  • The October year-over-year rate increased by 6.7 percent.

yardi-multifamily

Thursday, Oct. 29:

NAR’s Pending Home Sales Index for September 2015:

  • NAR reported that the September index was the second-lowest reading in 2015.
  • The index declined 2.3 percent to 106.8 in September from 109.3 in August.
  • The index has still increased year-over-year for 13 months.

ProTeck Valuation Services’ Home Value Forecast (HVF) for October:

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  • The HVF recorded that 29 core-based statistical areas (CSBAs) received their highest raw score possible.
  • All 29 CSBAs have less than four months of remaining inventory.
  • Of those 29 CSBAs, 21 are west of the Rockies.

Auction.com’s Q3 Investor Activity Report:

  • Flipping is the preferred investment strategy among investors for the fourth consecutive quarter.
  • Investor intent varies depending on the type of auction and investor profile.
  • Respondents making a one-time purchase preferred hold-to-rent strategies, while full-time investors favored flipping.

auction-investor-interest

Federal Housing Finance Agency’s mortgage interest rates for September 2015:

  • The national average contract mortgage rate for previously occupied homes was 3.93 percent in September, down from 3.99 percent in August.
  • The average interest rate on all mortgage loans was 3.95 percent, down from 3.99 percent in August.
  • The average loan amount was $307,700 in September, up from $303,300 in August.
MIRS Graph from October 2015 release

MIRS Graph from October 2015 release

RealtyTrac’s Q3 Home Flipping Report:

  • Home flipping declined to 5 percent of its total share of sales in Q3.
  • The average flipping return increased to 33.8 percent in Q3.
  • Completed flips in Q3 took an average of 175 days, almost six months.

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Wednesday, Oct. 28:

Mortgage Bankers Association’s Weekly Applications Survey:

  • The Market Composite Index decreased 3.5 percent week-over-week.
  • The refinance share of mortgage activity remained unchanged at 59.5 percent.
  • The average contract interest rate for a 30-year fixed-rate mortgage increased to 3.98 percent from 3.95 percent week-over-week.

First American’s September 2015 Loan Application Defect Index:

  • The rate of incidence of loan application defaults fell 1.2 percent month-over-month in September 2015.
  • The index fell 9 percent year-over-year.
  • The defect index for refinance transactions declined 1.4 percent month-over-month and 10 percent year-over-year.

CoreLogic’s Mortgage Fraud Trends Report:

  • Mortgage application fraud risk nationwide decreased 8.9 percent year-over-year.
  • Louisiana, however, saw a 17.1 percent increase in mortgage fraud risk.
  • Identity application fraud risk decreased 22.7 percent nationwide.

20150993_infograph_fraud-report

Tuesday, Oct. 27:

Standard & Poor’s/Case-Shiller Housing Index:

  • The index recorded a 4.7 increase year-over-year in August 2015.
  • San Francisco, Denver and Portland reported the highest year-over-year gains.
  • The index rose 0.3 percent month-over-month in August 2015.

chart

Monday, Oct. 26:

Freddie Mac’s October 2015 Insight & Outlook:

  • Origination volume was $100 billion higher in 2014 than industry experts had estimated.
  • Industry concentration is declining: The top five mortgage loan firms accounted for only 34 percent of the market in 2014.
  • The projected refinance share of originations in 2015 has been lowered by 1 percentage point to 47 percent.

 

U.S. Census Bureau/Department of Housing and Urban Development’s New Residential Sales for September 2015:

  • Sales of new single-family homes in September 2015 were down 11.5 percent month-over-month.
  • However, sales were up 2.0 percent year-over-year.
  • The median sales price of new houses sold in September 2015 was $296,900; the average sales price was $364,100.

Homes.com’s Local Market Index for August 2015:

  • Boise (Idaho), San Francisco and Denver saw the biggest year-over-year index point increases in August 2015.
  • Dallas/Fort Worth/Arlington, Denver/Aurora/Lakewood and Austin/Round Rock were cited as top markets in the “rebound report.”
  • Bottom markets for rebounding: Las Vegas/Henderson/Paradise, Stockton/Lodi (California) and Cape Coral/Fort Myers.

homesdotcom-market-index

Black Knight’s August 2015 home price data:

  • August home prices were up 0.3 percent month-over-month.
  • Prices are up 5.5 percent year-over-year.
  • The current home price index value, according to Black Knight: $253,000.

BKFS_HPI_Aug2015_US_hi_res

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