Markets & Economy

Daily market update: January 24, 2017

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

National Association of Realtors Existing-Home Sales for December 2016:

  • Total existing-home sales finished 2016 at 5.45 million sales.
  • In December, existing sales decreased 2.8 percent to a seasonally adjusted annual rate of 5.49 million in December from an upwardly revised 5.65 million in November.
  • With last month’s slide, sales are only 0.7 percent higher than a year ago.

Pro Teck Valuation Services Home Value Forecast: 

  • Months of remaining inventory (MRI) — the current number of active listings divided by the monthly sales rate — is around 6 months in a balanced market.
  • Communities with an MRI under 3 have jumped from 12.7 percent in December 2015 to 20.63 percent in December 2016 — a 62.44 percent increase.
  • In December 2014, this number was 9.17 percent — there’s been a 125-percent increase in communities with a dramatic shortage of homes for sale since December 2014.

Mortgage rates:

 

Home equity rates:

Most recent market news:

First American Financial Corporation’s Potential Home Sales Model for December 2016:

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  • Potential existing-home sales decreased to a 5.8 million seasonally adjusted, annualized rate (SAAR).
  • This represents a 92.5 percent increase from the market potential low point reached in December 2008.
  • In December, the market potential for existing-home sales grew by 2.9 percent compared with a year ago, an increase of 164,000 (SAAR) sales.

Email market reports to press@inman.com.