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- The index jumped to its highest point since October 2015, rising six points to 65.
- This is up from a downwardly revised August reading of 59.
- The index measuring traffic of prospective buyers posted a four-point gain to 48.
- Home sales increased 5.8 percent year-over-year in August 2016.
- The median home price was up 5.1 percent year-over-year to $225,900.
- Inventory in August averaged 3.4 months’ supply — 6 months is considered a balanced market.
Home equity rates:
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- Mortgage applications for new home purchases increased by 5 percent month-over-month.
- Applications were up 14 percent year-over-year.
- The average loan size of new homes decreased from $325,843 in July to $325,224 in August.
- In Q2 2016, 7.1 percent of mortgaged homes had negative equity.
- This is an 8.9 percent decrease from the previous quarter.
- Negative equity value decreased $30.0 billion quarter-over-quarter.
- The 30-year fixed-rate mortgage (FRM) reached its highest level since June in the week ending September 15, 2016.
- The 30-year FRM averaged 3.50 percent with an average 0.5 point.
- This is up from last weeks’ 3.44 percent. Last year this time, the 30-year FRM averaged 3.91 percent.
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