Inman

Daily market update: May 31, 2017

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

Most recent market news

Wednesday, May 31

Pending home sales once again hindered by inventory

Existing home sales decrease to 5.50 million units in May, according to latest Ten-X Residential Real Estate Nowcast

“Two consecutive months of weaker existing home sales isn’t cause for panic, but it does suggest that forecasts calling for a robust housing market may have been too optimistic,” said Rick Sharga. “It appears that the combination of extraordinarily low inventory and home price appreciation that continues to outpace wage growth is slowing down sales, especially in some of the country’s higher priced markets.”

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage rates:

[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]

News from earlier this week

Tuesday, May 30

“Home prices continue rising with the S&P Corelogic Case -Shiller National Index up 5.8 percent in the year ended March, the fastest pace in almost three years,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.

Black Knight Home Price Index Report: U.S. Home Prices Hit Another New Peak, Rising 1.3 Percent for the Month, Up 5.8 Percent Year-Over-Year

Black Knight Home Price Index Report March 2017

Redfin Housing Demand Index Ticks Back Up as Prime Selling Season Commence

“The Redfin Housing Demand Index increased 9.2 percent from March to a seasonally adjusted level of 121 in April.”

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