Markets & Economy

Daily market update: February 27, 2017

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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

National Association of Realtors’ Pending Home Sales for January 2017:

  • The Pending Home Sales Index decreased 2.8 percent to 106.4 in January from an upwardly revised 109.5 in December 2016.
  • January’s index reading is 0.4 percent above last January, but it is the lowest since then.
  • Existing-home sales are forecast to be around 5.57 million this year, an increase of 2.2 percent from 2016 (5.45 million).

First American Real House Price Index for December 2016:

  • Real house prices increased 6.2 percent between November and December 2016. Compared to December 2015, real house prices increased by 8.0 percent.
  • Consumer house-buying power, how much one can buy based on changes in income and interest rates, declined 5.1 percent between November and December 2016, and fell 2.1 percent year-over-year.
  • Unadjusted house prices increased by 5.8 percent in December on a year-over-year basis and are 1.5 percent above the housing boom peak in 2007.

Ten-X/Auction.com Real Estate Nowcast for February 2017:

Creating steady real estate income in a cyclical business
Leverage your energy and maximize your results with lead-gen sprints READ MORE
  • According to the nowcast, February sales will fall between seasonally adjusted annual rates of 5.34 million to 5.69 million, with a targeted number of 5.51 million.
  • This is down 3 percent from NAR’s reported January sales yet up 7 percent from a year ago.

 

Mortgage rates:

 

Home equity rates:

Most recent market news:

U.S. Census Bureau/U.S. Department of Housing and Urban Development’s New Residential Sales for January 2017:

  • Sales of new single-family houses in January 2017 were at a seasonally adjusted annual rate of 555,000, 3.7 percent above the revised December rate of 535,000 and 5.5 percent above the January 2016 estimate of 526,000.
  • The median sales price of new houses sold in January 2017 was $312,900. The average sales price was $360,900.
  • The seasonally adjusted estimate of new houses for sale at the end of January was 265,000. This represents a supply of 5.7 months at the current sales rate.

First American Financial Services’ January 2017 Loan Application Defect Index:

  • The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 5.8 percent in January 2017 over December 2016.
  • Compared to January 2016, the Defect Index decreased by 3.9 percent.
  • The Defect Index is down 28.4 percent from the high point of risk in October 2013.

Email market reports to press@inman.com.