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Daily market update: June 27, 2016

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Campbell/Inside Mortgage Finance HousingPulse Tracking Survey:

  • First-time homebuyers accounted for 40.8 percent of home purchases in May.
  • This is the highest level seen in more than five years.
  • Real estate owned properties and short sales accounted for a combined 18.0 percent share of home sales in May, down from a 20.3 percent share in May 2015.

Black Knight’s home price index for April 2016:

  • The U.S. home price index was at $260,000.
  • This is up 30.4 percent from the market’s bottom and is 2.9 percent lower than the June 2006 market peak.
  • Washington led all states with 1.9 percent appreciation month-over-month.

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Mortgage rates:

 

Home equity rates:

Most recent market news:

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:

  • 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. T
  • he 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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Email market reports to press@inman.com.