5/23: MetroIntelligence Economic Update by P. DUFFY

Existing home sales declined 0.4 percent April and 4.4 percent year-on-year 

Existing home sales slipped back 0.4 percent in April, and were also down 4.4 percent year-on-year. Still, the median price was up 3.6 percent since last April to $267,300. Unsold inventory rose 1.7 percent year-over-year and a supply timeline of 4.2 months, which compares to 3.8 months in March and 4.0 months a year ago.



New home mortgage applications rebound 6.8 percent in April and 15.6 percent year-on-year

Mortgage applications for April new home purchases rose increased 6.8 percent (seasonally adjusted) from March and 15.6 percent year-on-year.  The Mortgage Bankers Association also estimates that April new home sales were 10 percent higher than last April, and reached the highest annual pace since the survey’s inception in 2013.



Mortgage applications rise 2.4 percent, interest rates fell to lowest rate since January 2018

The Market Composite Index increased 2.4 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 2.0 percent but refinance activity rising 8.0 percent.  The average contract interest rate for 30-year fixed-rate mortgages decreased seven basis points to 4.33 percent, the lowest since January 2018.