Markets & Economy

Real estate market recap, June 20-24, 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:

 

Thursday, June 23:

Freddie Mac’s Primary Mortgage Market Survey:

  • 30-year fixed-rate mortgages (FRMs) averaged 3.56 percent with an average 0.6 point for the week ending June 23, 2016.
  • This is up from last week when it averaged 3.54 percent.
  • A year ago at this time, the 30-year FRM averaged 4.02 percent.

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U.S. Census Bureau/U.S. Department of Housing and Urban Development’s New Residential Sales for May 2016:

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  • Sales of new single-family houses in May 2016 were at a seasonally adjusted annual rate of 551,000.
  • This is 6.0 percent below the revised April rate of 586,000, but is 8.7 percent above the May 2015 estimate of 507,000.
  • The median sales price of new houses sold in May 2016 was $290,400; the average sales price was $358,900.
  • The seasonally adjusted estimate of new houses for sale at the end of May was 244,000. This represents a supply of 5.3 months at the current sales rate.

CoreLogic’s Market Pulse Report for June 2016:

  • Active loans with interest rates higher than 4.50 percent comprised 38 percent of all loans in February 2016.
  • Completed foreclosures were down 15.8 percent year-over-year in April 2016.
  • Home prices were up 6.2 percent year-over-year in April 2016.

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Wednesday, June 22:

 

NAR Existing-Home Sales for May 2016:

  • Total existing-home sales grew 1.8 percent to a seasonally adjusted annual rate of 5.53 million in May from a downwardly revised 5.43 million in April.
  • Sales are now up 4.5 percent from May 2015 (5.29 million).
  • Sales are at their highest annual pace since February 2007 (5.79 million).

May EHS Infographic

Federal Housing Finance Agency’s House Price Index for April 2016:

  • Home prices rose 0.2 percent month-over-month in April 2016.
  • The March 0.7 percent increase was revised to 0.8 percent.
  • Year-over-year, home prices were up 5.9 percent.

Black Knight Financial Services’ May 2016 Mortgage Monitor:

  • The total U.S. loan delinquency rate (30 or more days past due, but not in foreclosure) was 4.25 percent in May 2016, up 0.36 percent month-over-month and down 13.47 percent year-over-year.
  • The total foreclosure pre-sale inventory rate was 1.13 percent, 3.55 percent lower than April 2016 and 28.78 percent lower than May 2015.
  • The total foreclosure starts were at 62,100, up 5.79 percent month-over-month and down 28.78 percent year-over-year.

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications increased 2.9 percent week-over-week.
  • The refinance index increased 7 percent week-over-week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to its lowest level since May 2013, 3.76 percent, from 3.79 percent week-over-week.

MBARefiJune222016

Tuesday, June 21:

First American’s Q2 2016 Real Estate Sentiment Index:

  • Title agent expectations for growth in purchase and refinance transactions across all property types in the year ahead are 17.3 percent more positive year-over-year.
  • Quarter over quarter, title agents’ confidence in purchase market growth increased 12.9 percent and 23.2 percent for refinance transactions.
  • Title agents are now predicting 4.0 percent real estate price growth over the next 12 months, a slight drop from the Q1 prediction of 4.6 percent annualized price growth.

May 2016 First-Time Buyer Mortgage Share/Mortgage Risk Indices from the International Center on Housing Risk:

  • First-time buyer volume increased 15 percent year-over-year.
  • First-time buyers accounted for 59.1 percent of primary owner-occupied home purchase mortgages with a government guarantee.
  • The combined first-time buyer mortgage share index was 53.2 percent, up from 52.9 percent in May 2015.

first-time-buyer-share

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