|For the Week Ending July 28, 2017|
Existing Home Sales
The recent decline in pending home sales, translated into a decline in existing home sales. The latest data showed a drop of 1.8 percent for the month of June. Compared to the same time last year, existing sales
On the flip-side, home prices are up a sharp 6.5 percent from a year ago. The latest median home price is $263,800. The supply of homes continues to remain a big challenge in many markets throughout the country.
Mortgage Bankers Association Loan Application Weekly Data
After last week’s large jump in refinances, it seems that the little upward movement in rates has quelled the brief refi excitement. The latest numbers reported from the Mortgage Bankers Association is that refinances
FHFA House Price Index
The FHFA Index, which measures the prices of single-family homes was up 0.4 percent in May, which is the softest increase since January. However, home prices are up for this index by 6.9 percent from the same time
S&P Corelogic Case-Shiller House Price Index
The question people are starting to ask is “is home price appreciation slowing?”
Although the existing home sales report showed a strong increase in home prices, the latest Case-Shiller data points to more modest price growth. For the 20 major cities in which the data is based, home prices only
Next week’s potential market moving reports are:
• Monday July 31st – Pending Home Sales
As your mortgage and real estate professional, I am happy to assist you with any information you may need regarding mortgage or real estate trends. I welcome the opportunity to serve you in any way I possibly can.
Please enjoy this quick update on what happened this week in the housing and financial markets.
|The Fed left policy rates unchanged at this month’s FOMC meeting. They did say though that they will begin reducing their balance sheet ‘relatively soon.’|
|Traders’ reactions to the Fed’s statement were also positive for mortgage rates. Speculation is the Fed will take gradual action when tightening economic
|Inflation continues to come in below the Fed’s desired level of 2% and will be monitored. Low inflation is supportive of lower mortgage rates.|
|Existing home sales fell more than expected in June, and tight inventory has been blamed. Lack of homes has led to bidding wars and higher home prices.|
|However, new home sales increased for the second straight month in June. Also, the inventory of new homes on the market increased 1.1%, the highest level
in 8 years.
|According to Case-Shiller, major metro area home prices were up 5.7% year-over-year in May. Inventory of existing homes for sale is around 4 months.|
When it comes to work, change is inevitable, except from the vending machine.
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These
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