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Daily market update: May 18, 2016

Mortgage rates plus all the latest daily real estate market news

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First American’s Home Sales Model for April 2016:

  • The market for existing-home sales is underperforming its potential by 4.1 percent or an estimated 232,000 seasonally adjusted, annualized rate (SAAR) of sales.
  • In April, the market potential for existing-home sales grew by 2.2 percent compared to March, an increase of 122,000 (SAAR) sales, and grew by 1.5 percent year-over-year.
  •  This month, the seasonally adjusted, annualized rate of potential existing-home sales is 5.63 million.

051816_potential_home_sales

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications were down 1.6 percent week-over-week.
  • The refinance share of mortgage activity increased to 54.7 percent of total applications from 52.8 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages was 3.82 percent, unchanged from last week.

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

Re/Max’s May 2016 National Housing Report:

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  • 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.

NHR_May_2016

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.

Email market reports to press@inman.com.