We’ll add more market news briefs throughout the day. Check back to read the latest.Most recent market news
Thursday, May 25
The median home value across the country is now $198,000, 1 percent higher than peak value hit in April 2007, according to the April Zillow Real Estate Market Reports.National home values have returned to peak value for the first time in over a decade. U.S. home values rose 7.3 percent over the past year to a Zillow Home Value Index (ZHVI) of $198,000. During the housing boom, home values hit a peak of $196,600. Rents rose 0.7 percent over the past year to a Zillow Rent Index (ZRI) of $1,412 per month. Rents in Seattle and Sacramento, Calif. are rising the most. There are almost 8 percent fewer homes on the market this year than last, with Minneapolis, Columbus, Ohio and Seattle reporting the greatest drop in inventory. Mortgage rates on Zillow ended April at 3.83 percent, down from a high of 3.88 percent in the first few weeks of the month.
30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.5 point for the week ending May 25, 2017, down from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 3.64 percent. 15-year FRM this week averaged 3.19 percent with an average 0.5 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.07 percent this week with an average 0.4 point, down from last week when it averaged 3.13 percent. A year ago at this time, the 5-year ARM averaged 2.87 percent.
“As we predicted, the 30-year mortgage rate fell 7 basis points this week in a delayed reaction to last week’s sharp drop in Treasury yields,” said Sean Becketti, chief economist at Freddie Mac, in a statement. “The survey rate stands at 3.95 percent today, a new low for the year.”Mortgage rates: 30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio News from earlier this week
Wednesday, May 24
The March 2017 existing-home sales numbers from the National Association of Realtors (NAR) contained some hope that maybe (maybe!) inventory was about to normalize, with sales reaching their fastest seasonally adjusted annualized growth pace since February 2007.
That hope was dashed with the release of NAR’s April numbers. Sales fell 2.3 percent from March’s rate, although they showed an improvement (by 1.6 percentage points) over April 2016’s sales metrics.
And the median number of days that a home is on the market dropped to a new low in April — just 29 days. That’s down from 34 days in March and 39 days in April 2016; 52 percent of homes sold in April were on the market for less than a month.
Tuesday, May 23
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