4/25: MetroIntelligence Economic Update by P. DUFFY

March new home sales rebounded 4.5 percent to highest level since November 2017

March’s new home sales increased 4.5 percent an annualized rate of 692,000, the highest level since November 2017.  They were also up 3.0 percent year-on-year.  In addition, the median new home price dropped 9.7 percent to $302,700 in March from a year ago, the lowest level since February 2017, which also likely boosted sales. Inventory fell to a 6.0-month timeline in March, down from 6.3 months in February.

www.census.gov/construction/nrs/pdf/newressales.pdf

 

FHFA House Price Index rose 0.3 percent in February and 4.9 percent year-on-year

The FHFA House Price Index (HPI) reported a 0.3 percent increase in U.S. house prices in February from the previous month.  From February 2018 to February 2019, house prices were up 4.9 percent.

www.fhfa.gov/AboutUs/Reports/Pages/US-House-Price-Index-February-2019.aspx

 

Mortgage applications dip 7.3 percent as rates gain another 2 basis points

The Market Composite Index decreased 7.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 4 percent and refinance activity down 11 percent.  The average contract interest rate for 30-year fixed-rate mortgages increased to 4.46 percent from 4.44 percent.

www.mba.org/2019-press-releases/april/mortgage-applications-decrease-in-latest-mba-weekly-survey-x251728