Markets & Economy

Daily market update: February 21, 2017

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First American’s Potential Home Sales Model for January 2017:

  • In January, the market potential for existing-home sales fell by 1.9 percent compared with a year ago, a decline of 107,000 (SAAR) sales.
  • Currently, potential existing-home sales is 328,000 (SAAR) or 13.8 percent below the pre-recession peak of market potential, which occurred in July 2005.
  • The market for existing-home sales is underperforming its potential by 0.2 percent or an estimated 9,500 (SAAR) of sales, which is the smallest performance gap in the last 18 months.

 

Mortgage rates:

 

Home equity rates:

Most recent market news:

February 2017 Re/Max Housing News Report:

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  • In the 53 metro areas surveyed, total sales were up 4.5 percent over January 2016, which was previously the January with the most sales.
  • The median sales price of $208,500 was up 4.3 percent and marked the 10th consecutive month of year-over-year price increases.
  • The new January low of 66 days on market underscores the fact that inventory has declined year-over-year for 99 consecutive months dating back to October 2008.

Email market reports to press@inman.com.