Markets & Economy

Real estate market recap, June 13-17, 2016

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

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

Mortgage rates:

Home equity rates:

Friday, June 17:

U.S. Census Bureau/U.S. Department of Housing and Urban Development May 2016 New Residential Construction:

  • Privately-owned housing units authorized by building permits in May were at a seasonally adjusted annual rate of 1,138,000. This is 0.7 percent above the revised April rate of 1,130,000, but is 10.1 percent below the May 2015 estimate of 1,266,000.
  • Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,164,000. This is 0.3 percent below the revised April estimate of 1,167,000, but is 9.5 percent  above the May 2015 rate of 1,063,000.
  • Privately-owned housing completions in May were at a seasonally adjusted annual rate of 988,000. This is 5.1 percent above the revised April estimate of 940,000, but is 3.5 percent below the May 2015 rate of 1,024,000.

Trulia’s outlook for housing starts for May 2016:

  • The 12-month rolling total of starts grew 11.8 percent year-over-year in May to 1,154,800 starts, slightly up from April.
  • This represents the most starts in a 12-month period since August 2007.
  • Housing starts continue to be a bright spot in an otherwise supply constrained market, and the 12-month rolling total inches up to 80 percent of the 50-year average of 1,443,060 starts.

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Thursday, June 16:

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Freddie Mac’s Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage averaged 3.54 percent with an average 0.5 point.
  • This is down from 3.60 percent last week.
  • One year ago, the 30-year fixed-rate mortgage averaged 4.00 percent.

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Wednesday, June 15:

CoreLogic Home Price Index for April 2016:

  • Home prices nationwide increased 6.2 percent year-over-year in April 2016.
  • Prices increased 1.8 percent month-over-month.
  • The CoreLogic HPI Forecast indicates that home prices will increase by 5.3 percent on a year-over-year basis from April 2016 to April 2017, and 0.9 percent month-over-month.

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Fannie Mae’s Home Purchase Sentiment Index (HPSI) for May 2016:

  • The HPSI increased 1.6 points to 85.3 in May.
  • This is a new all-time survey high.
  • The net share of consumers who expect that home prices will go up over the next 12 months rose 5 percentage points, followed by a 3 percentage point increase in the net share of consumers who expect mortgage interest rates to go down over the next 12 months.

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Tuesday, June 14:

Mortgage Bankers Association’s Builder Applications Survey:

  • Mortgage applications for new home purchases decreased 6 percent month-over-month.
  • Conventional loans comprised 68.4 percent of loan applications; FHA loans 17.6 percent and VA loans 13.4 percent.
  • The average loan size of new homes increased from $325,233 in April to $328,032 in May.

CoreLogic’s National Foreclosure Report for April 2016:

  • Completed foreclosures fell 15.8 percent month-over-month in April 2016.
  • Foreclosure inventory fell 23.4 percent year-over-year.
  • Of all homes with a mortgage, 1.1 percent are in the foreclosure inventory.

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Quicken Loans’ Home Price Perception Index for May 2016:

  • Home appraisals in May were an average of 1.89 percent lower than homeowner expectations.
  • This is a smaller gap than the 1.95 percent difference reported in April.
  • Many metros in the West are appraising higher than owners’ estimates.

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Fannie Mae’s Lender Mortgage Sentiment Survey for Q2 2016:

  • Lenders reported more demand for refinance mortgages from Q1.
  • Lenders reported moderate net easing of credit standards across all loan types.
  • Lenders reported a net positive profit margin.

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