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Daily market update: June 26, 2017

06/27/2017

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Monday, June 26

Affordability Increases Despite Tightening Domestic Monetary Policy, According to First American Real House Price Index

Real house prices decreased -1.6 percent between March and April. Real house prices increased by 11.0 percent year-over-year Consumer house-buying power, how much one can buy based on changes in income and the interest rate, increased 0.4 percent between March and April, and fell 4.5 percent year-over-year. Real house prices are 33.6 percent below their housing-boom peak in July 2006 and 10.8 percent below the level of prices in January 2000. Unadjusted house prices increased by 5.7 percent in April on a year-over-year basis and are 2.6 percent above the housing boom peak in 2007.

“Despite the monetary tightening policies of the Federal Reserve, a dip in the average rate for a 30-year, fixed-rate mortgage and wage gains increased consumer house-buying power sufficiently to offset the gain in unadjusted house prices. The decline in real, purchasing-power adjusted house prices between March and April was the largest month-over-month decline since July 2016,” said Mark Fleming, chief economist at First American. “While this is welcome news for home buyers, the number of homes listed for sale is not meeting consumer demand and markets are getting tighter. As a result, affordability declined 11 percent on a year-over-year basis. That’s a bigger drop in affordability than the 5.7 percent caused by unadjusted house-price appreciation alone and reflects the impact of rising interest rates and tightening supply.”

Mortgage rates 30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio

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