Daily market update: August 24, 2016

Let's make 2018 your breakout year!
Join real estate's best to unlock growth at Connect SF, July 17-20, 2018

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:

  • 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.