Markets & Economy

Daily market update: February 28, 2017

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

S&P CoreLogic Case-Shiller Home Price Index for December 2016:

  • The National Home Price Index increased 5.8 percent year-over-year in December 2016.
  • This is the 56th consecutive month of positive gains and the largest since June 2014.
  • December was also the sixth consecutive month in which the year-over-year figure increased over the previous month.

Federal Housing Finance Agency’s Mortgage Rate Report for January 2017:

  • The average interest rate on all mortgage loans was 4.17 percent.
  • This is up 26 basis points from 3.91 in December.
  • The average loan amount for all loans was $305,400 in January, down $13,700 from $319,100 in December.

Mortgage rates:

 

Home equity rates:

Most recent market news:

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

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  • 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:

  • 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.

Email market reports to press@inman.com.