Markets & Economy

Real estate market recap, April 11-15, 2016

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, April 15:

The FNC Residential Price Index for February 2016:

  • After January’s price drop, February’s prices were back up.
  • February home prices were up 0.1 percent from January.
  • Prices were up 5.7 percent year-over-year.

Re/Max April 2016 National Housing Report:

  • Home sales were up 33.4 percent month-over-month in March 2016.
  • March sales were up 3.6 percent year-over-year.
  • The median home price among median sales prices in March was $204,000.

April_2016_NHR_Infographic

Thursday, April 14:

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First American Potential Home Sales for March 2016:

  • The seasonally adjusted annualized rate of potential existing-home sales is 5.8 million.
  • This represents a 90.9 percent increase from the market potential low point reached in December 2008.
  • This is down 615,000 (SAAR) or 9.7 percent from the pre-recession peak of market potential, which occurred in July 2005.

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Freddie Mac’s Primary Mortgage Market Survey:

  • Mortgage rates are at new lows in 2016.
  • 30-year fixed-rate mortgages (FRMs) averaged 3.58 percent with an average 0.5 point for the week ending April 14, 2016.
  • This is down from last week (3.59 percent) and last year (3.67 percent).

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Mortgage Bankers Association’s Builder Applications Survey:

  • Mortgage applications for new home purchases increased 17 percent month-over-month (unadjusted).
  • Conventional loans comprised 67.5 percent of loan applications.
  • MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 574,000 units in March 2016.

Wednesday, April 13:

Mortgage Bankers Association’s Weekly Applications Survey:

  • The Market Composite Index increased 10 percent (seasonally adjusted) from one week earlier.
  • The refinance share of mortgage activity increased to 54.9 percent of total applications from 54.5 percent the previous week.
  • The adjustable-rate mortgage (ARM) share of activity increased to 5 percent of total applications.

Tuesday, April 12:

CoreLogic’s March 2016 Foreclosure Report:

  • There were 34,000 completed foreclosures in February 2016.
  • This is down 10 percent year over year.
  • It’s also a 2.6 percent decrease month-over-month.
CoreLogic's February 2016 foreclosures, state by state.

CoreLogic’s February 2016 foreclosures, state by state.

Quicken Loans’ Home Price Perception Index/Home Value Index for March 2016:

  • Appraised home values were 2.17 percent lower than homeowers’ expectations.
  • Home values increased 0.29 percent month-over-month in March.
  • Home values were up 4.77 percent year-over-year.

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