Markets & Economy

Daily market update: September 20, 2016

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

U.S. Census Bureau/U.S. Department of Housing and Urban Development’s August 2016 New Residential Construction:

  • Single-family housing unit authorizations in August were at a rate of 737,000, 3.7 percent above July 2016.
  • Single-family housing starts in August were at a rate of 722,000, this is 6.0 percent below July.
  • Single-family housing completions in August were at a rate of 752,000; 0.3 percent¬†below¬†July.

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First American’s Potential Home Sales Model for August 2016:

  • The market for existing-home sales is underperforming its potential by 5.6 percent.
  • In August, the market potential for existing-home sales grew 1.08 percent month-over-month.
  • Potential existing-home sales increased to 5.78 million, 91.9 percent above the December 2008 market bottom.

Mortgage rates:

 

Home equity rates:

Most recent market news:

National Association of Home Builders’ Builder Confidence Index:

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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.

Re/Max National Housing News Report for August 2016:

  • 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.

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Email market reports to press@inman.com.