Markets & Economy

Real estate market recap, May 16-20, 2016

The big news in real estate markets, recapped for your convenience

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Check Inman every day for the daily version of this market roundup.

Mortgage rates:

Home equity rates:

Friday, May 20:

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

Wednesday, May 18:

First American’s Home Sales Model for April 2016:

3 essential tools that will 10X your real estate marketing
Smart landing pages, a synchronized database and automation generate results READ MORE
  • 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.

Tuesday, May 17:

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.

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.

Monday, May 16:

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

  • 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.

unnamed

Email market news to press@inman.com.