Daily market update: May 31, 2016

Power up your Indie Brokerage
Don't miss our Indie Broker Summit in New York, Jan 22, 2018

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

Ten-X’s Residential Real Estate Nowcast for May 2016:

  • May existing home sales will fall between seasonally adjusted annual rates of 5.47 and 5.83 million, with a targeted number of 5.65 million.
  • This is a 3.7 percent increase from April 2016.
  • It also represents a 6.2 percent year-over-year gain.


S&P/Case-Shiller Home Price Index for March 2016:

  • The national index was at 176.91.
  • This is up 0.72 percent month-over-month.
  • In March 2015, the index was 168.24.

Black Knight Home Price Index for March 2016:

  • The home price index in the United States was $257,000.
  • This is up 1.2 percent from February 2016.
  • It’s also up 5.3 percent from March 2015.


Mortgage rates:


Home equity rates:

Last week’s most recent market news:

National Association of Realtors’ Pending Home Sales Index for March 2016:

Get deals done faster with dotloop’s transaction platform
Streamline transactions for agents and clients in one platform READ MORE
  • The Pending Home Sales Index was up 1.4 percent to 110.5 in March from 109.0 in February.
  • The index is now 1.4 percent above March 2015 (109.0).
  • After last month’s slight gain, the index has increased year-over-year for 19 consecutive months and is at its highest reading since May 2015 (111.0).

Freddie Mac’s Primary Mortgage Market Survey:

  • The average rate for a 30-year fixed-rate mortgage was 3.64 percent with an average 0.5 point for the week ending May 26, 2016.
  • This is up from last week when it averaged 3.58 percent.
  • A year ago at this time, the 30-year FRM averaged 3.87 percent.


Federal Housing Finance Agency’s April 2016 mortgage rate index:

  • The average interest rate on all mortgage loans was 3.75 percent, down 1 basis point from 3.76 in March.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.94 percent, down 1 basis point from 3.95 in March.
  • The average loan amount for all loans was $322,400 in April, down $2,600 from $325,000 in March.

Screen Shot 2016-05-26 at 7.02.47 AM

Email market reports to press@inman.com.