AgentBrokerage

Daily market update: May 18, 2016

Mortgage rates plus all the latest daily real estate market news

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

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:

6 ways empowered agents embrace disruption to drive success
Using technology to generate leads and win listings READ MORE
  • 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.