Markets & Economy

Daily market update: August 24, 2016

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

Federal Housing Finance Agency’s U.S. house prices for the second quarter of 2016:

  • House prices rose 1.2 percent quarter-over-quarter in the second quarter of 2016.
  • Year-over-year, prices rose 5.6 percent.
  • FHFA’s seasonally adjusted monthly index for June was up 0.2 percent from May.

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 2.1 percent week-over-week for the week ending August 19, 2016.
  • The average contract interest rate for 30-year fixed-rate mortgages increased to 3.67 percent from 3.64 percent.
  • The refinance share of mortgage activity decreased to 62.4 percent of total applications from 62.6 percent the previous week.

National Association of Realtors’ Existing-Home Sales for July 2016:

  • Total existing-home sales fell 3.2 percent to a seasonally adjusted annual rate of 5.39 million in July from 5.57 million in June.
  • The median existing-home price for all housing types was $244,100. This is up 5.3 percent from July 2015.
  • Total housing inventory at the end of July was 2.13 million existing available homes for sale, 5.8 percent lower than last year.

July EHS Infographic

 

Mortgage rates:

 

Home equity rates:

Most recent market news:

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

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  • Sales of new single-family houses in July 2016 were at a seasonally adjusted annual rate of 654,000.
  • This is 12.4 percent above the revised June rate (582,000).
  • It’s also 31.3 percent above the July 2016 estimate (498,000).

Berkshire Hathaway HomeServices’ Homeowner Sentiment Survey:

  • The percentage of existing homeowners who view the U.S. real estate market favorably jumped to 66 percent.
  • Millennials are the most optimistic, with 76 percent of millennial respondents viewing housing favorably.
  • The biggest challenge for Gen-Xers who are searching for a home is saving money for the purchase, according to the survey.

CoreLogic’s MarketPulse for August 2016:

  • Completed foreclosures were down 4.9 percent year-over-year.
  • Home prices were up 5.7 percent year-over-year.
  • The company estimates that dollar volume for mortgage origination increased 30 percent from 2014 to 2015.

report_highlights_mktpulse_1608_01

Email market reports to press@inman.com.