2/28: MetroIntelligence Economic Update by P. DUFFY

January Pending Home Sales rebounded 4.6 percent from December, still down 2.3 percent year-on-year

The Pending Home Sales Index increased 4.6 percent to 103.2 in January, up from 98.7 in December. Year-over-year contract signings, however, declined 2.3 percent, making this the thirteenth straight month of annual decreases.


December Case-Shiller Index annual gain slips to 4.7 percent

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 4.7% annual gain in December, down from 5.1% in the previous month and the lowest annual gain since August 2015.  Between November and December, the index rose 0.1 percent.



Mortgage applications rise 5.3 percent, rates slip slightly

The Market Composite Index increased 5.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 6.0 percent and refinance activity rising 5.0 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.65 percent.