MetroIntelligence Economic Update by P. DUFFY
Pending home sales up 8.1 percent in August, but down 8.3 percent year-on-year
The Pending Home Sales Index (PHSI) increased 8.1% to 119.5 in August. Year-over-year, signings dipped 8.3%. An index of 100 is equal to the level of contract activity in 2001.
Purchase loan apps fall 1 percent from previous week, down 12 percent year-on-year
The Market Composite Index for mortgage applications decreased 1.1 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 1 percent (and down 12 percent year-on-year) and refinance activity falling 1 percent (but up 0.4 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.10 percent from 3.03 percent.
Case-Shiller Index reports record 19.7 annual gain in July
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 19.7% annual gain in July, up from 18.7% in the previous month, a record high for the series. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.5%. In July, all 20 cities reported increases before and after seasonal adjustments.