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Daily market update: May 20, 2016

Mortgage rates plus all the latest daily real estate market news

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

National Association of Realtors’ Existing Home Sales for April 2016:

  • Total existing-home sales were up 1.7 percent month-over-month and 6.0 percent year-over-year.
  • The median existing-home price for all housing types in April was $232,500, up 6.3 percent from April 2015 ($218,700).
  • Total housing inventory at the end of April increased 9.2 percent to 2.14 million existing homes available for sale, down 3.6 percent year-over-year (2.22 million).

April EHS Infographic

Mortgage rates:

 

Home equity rates:

Yesterday’s most recent market news:

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

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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.

Email market reports to press@inman.com.