US Existing Home Sales Fall -2.4% in April as Mortgage Rates Rise

April US existing home sales from the National Association of Realtors fell 1.9% to 5.61 million below market forecasts of 5.65 million. This was the third straight month of declines. Higher rates are creating affordability pressures for prospective buyers. Mortgage rates have risen from record low levels as the economy reopened from coronavirus-induced restrictions. Existing home sales drop in April on demand slowdown Existing home sales data for April 2022 Highlights US April existing home sales 5.61m vs 5.65m expected Prior … Continue reading “US Existing Home Sales Fall -2.4% in April as Mortgage Rates Rise”

Home Prices Sharply Higher in Arizona and Florida in January 2022 says S&P CoreLogic Case-Shiller

US home prices increased rose 19.1% year-over-year in January, up from 18.9% in December as measured by the CoreLogic Case-Shiller 20-city home price index. Biggest rises were Phoenix, Tampa and Miami at 32.6%, 30.8% and 28.1%, respectively.   Case-Shiller January US 20-city home price index +19.1% y/y vs +18.6% prior Prices up 1.4% m/m FHFA index +18.2% y/y vs +17.7% prior FHFA index +1.6% m/m The strength in home prices continues to be very broadly based. All 20 cities saw … Continue reading “Home Prices Sharply Higher in Arizona and Florida in January 2022 says S&P CoreLogic Case-Shiller”

US Housing Starts Hit Nine Month High, up 1.4% as Building Permits Rise 9.1% in December

US housing starts rose in December 1.4% to a seasonally adjusted annualized rate of 1.702 mln units versus a consensus 1.650 mln from a revised 1.678 mln units in November (from 1.679 mln). Housing demand remains strong although high prices for building materials, lumber, supply constraints and labor shortages. Building permits rose 9.1% to a seasonally adjusted 1.873 mln in December up from a consensus 1.702 mln and a revised 1.717 mln in November (from 1.712 mln). The move suggests … Continue reading “US Housing Starts Hit Nine Month High, up 1.4% as Building Permits Rise 9.1% in December”

US Existing Home Sales Rise +1.9% in November Ahead of Expected Mortgage Rates Rise

November US existing home sales from the National Association of Realtors rose 1.9% to 6.34 million below market forecasts of 6.52 million. Pressure coming from the supply of existing homes for which is at 2.1 months vs 2.4 month prior. Higher rates is creating affordability pressures for prospective buyers. Mortgage rates have risen from record low levels as the economy reopened from coronavirus-induced restrictions. US November 2021 existing home sales Highlights 6.46m vs 6.52m expected, Prior 6.34m Sales change +1.9% … Continue reading “US Existing Home Sales Rise +1.9% in November Ahead of Expected Mortgage Rates Rise”

Mortgage Applications Fell Again as Economy and Rate Jitters Overhang

Mortgage applications in the US fell again this week. The weekly MBA Mortgage Index fell 0.6% to follow last week’s 4.0% fall. The Purchase Index fell 3.3% while the Refinance Index rose 2.2% as mortgagees moved on rate expectations. From the U.S. Mortgage Bankers Association for the week ending 22 October 2021 Applications to purchase a home -0.6% v -4.0% prior MBA 30-Yr Mortgage Rate w/e 3.27% (Prev. 3.3%) Mortgage Market Index w/e 588.4 (Prev. 591.7) MBA Purchase Index w/e … Continue reading “Mortgage Applications Fell Again as Economy and Rate Jitters Overhang”

US New Home Sales Miss Forecasts in October, Revised Lower in September

US new home sales for October were 745K vs 800K estimate. The prior month of 800K was revised sharply lower to 742K) However, the median sales price increased to $407,700 in October, the highest on record.  That was the largest increase in the median sales price on record as it increased to $407,700 in October. October US New Home Sales US October new home sales 745K vs 800K expected Prior 800K (revised to 742K) On a year-over-year basis, new home sales … Continue reading “US New Home Sales Miss Forecasts in October, Revised Lower in September”

Mortgage Rates Continue To Rise, Hitting 8 Month High Sending Refinance Volume Down 26%

Mortgage applications in the US rose 4% as Mortgage rates rose to an 8-month high. The average 30-year fixed-rate mortgages increased to 3.30% from 3.23%. Refinance share of mortgage activity decreased to 62.2% of total applications from 63.3%. From the U.S. Mortgage Bankers Association for the week ending 22 October 2021 Applications to purchase a home +0.3% v -6.3% prior Purchase index 275.6 vs 266.2 prior Refinancing index 2,763.8 vs 2,807.9 prior 30-year mortgage rate 3.30% vs 3.23% prior Refinance … Continue reading “Mortgage Rates Continue To Rise, Hitting 8 Month High Sending Refinance Volume Down 26%”

Home Prices Rose Record 19.9% yoy in July 2021 says S&P CoreLogic Case-Shiller

US home prices increased at a new record 19.9% yoy in July 2021, following a 19.1% rise in June S&P as measured by the CoreLogic Case-Shiller 20-city home price index. Biggest rises were Phoenix (32.4%), San Diego (27.8%), and Seattle (25.5%)

US Housing Starts Rose 3.9% in August Surging in The Northeast 167.2%

US housing starts rose in August 3.9% m/m vs -7% prior, or 1615K v July’s revised 1554K. Starts surged the most in the Northeast (167.2% to the highest level since January). Building permits rose 6.0% m/m ighest level since April.