3/7: MetroIntelligence Economic Update by P. DUFFY

December new home sales rebounded 3.7 percent from November, down 2.4 percent year-on-year

New home sales rose to a 7-month high in December, rising 3.7 percent from November’s revised figure, although they fell 2.4 percent year-on-year. For all of 2018, new single-family home sales were up 1.2 percent to 622,000.

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Mortgage applications fall 2.5 percent as rates tick up slightly

The Market Composite Index decreased 2.5 percent on a seasonally adjusted basis from one week earlier, with purchase loans down 3.0 percent and refinance activity falling 2.0 percent. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.67 percent from 4.65 percent.

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CoreLogic: January home prices rose 4.4 percent year-on-year, forecasting growth of 3.4 percent over next 12 months

January home prices increased nationally 0.1 percent from December and 4.4 percent year-on-year.  Over the next year, CoreLogic is forecasting an annual growth rate of 3.4 percent.

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