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Daily market update: May 17, 2016

Mortgage rates plus all the latest daily real estate market news

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Re/Max’s May 2016 National Housing Report:

  • April 2016 sales were up 7.5 percent over March and 3.2 percent over April 2015.
  • The median sales price in April 2016 was $215,000.
  • April’s inventory was 15.2 percent lower year-over-year; the national month’s supply of inventory in April was 3.2, down from 3.7 in March.

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U.S. Census Bureau/U.S. Department of Housing and Urban Development New Residential Construction in April 2016:

  • Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,116,000, 3.6 percent above the revised March rate of 1,077,000, but 5.3 percent below the April 2015 estimate of 1,178,000.
  • Privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,172,000, 6.6 percent above the revised March estimate of 1,099,000, but 1.7 percent below the April 2015 rate of 1,192,000.
  • Privately-owned housing completions in April were at a seasonally adjusted annual rate of 933,000, 11.0 percent below the revised March estimate of 1,048,000 and 7.4 percent  below the April 2015 rate of 1,008,000.

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

National Association of Home Builders/Wells Fargo’s Builder Confidence/Housing Market Index (HMI) for May 2016:

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  • Builder confidence in the market for newly-built single-family homes remained unchanged in May at a level of 58 on the HMI.
  • Builder confidence has been at 58 for four months straight.
  • The HMI components measuring sales expectations in the next six months increased three points to 65, while the component charting current sales conditions and the index gauging buyer traffic both held steady at 63 and 44, respectively.

FNC’s Residential Price Index for March 2016:

  • Home prices are up 1.0 percent in March 2016 from February 2016.
  • Year-over-year basis, prices are up 5.7 percent from a year ago.
  • Throughout the first quarter, home prices were up 0.4 percent from the previous quarter.

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Email market reports to press@inman.com.