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Wednesday, May 31
Inventory is down 9.0 percent from a year ago, causing a constraint on buyer demand. April’s PHSI, which is based on contract signings, dipped to 109.8, a 1.3 percentage point drop from March’s downwardly revised 111.3. Northeast: PHSI declined 1.7 percent to 97.2 in April, 0.6 percent below a year ago. Midwest: PHSI declined 4.7 percent to 104.4 in April, 6.1 percent lower than April 2016. South: PHSI declined 2.7 percent to 125.9 in April, down 2.3 percent year over year. West: PHSI increased 5.8 percent in April to 100.0, 4.2 percent lower than the same time last year.
Ten-X Residential Real Estate Nowcast indicates a slight decrease in May existing home sales. The nowcast projects May sales will hit a seasonally adjusted annual rate (SAAR) between 5.37 and 5.73 million with a targeted number of 5.50 million, down 1.2 percent from NAR’s reported April sales and down .54 percent from a year ago.
“Two consecutive months of weaker existing home sales isn’t cause for panic, but it does suggest that forecasts calling for a robust housing market may have been too optimistic,” said Rick Sharga. “It appears that the combination of extraordinarily low inventory and home price appreciation that continues to outpace wage growth is slowing down sales, especially in some of the country’s higher priced markets.”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio News from earlier this week
Tuesday, May 30
Home prices have continued to rise across the country in the last 12 months. March saw a 5.8 percent annual gain, which set a 33-month high. Seattle, Portland, and Dallas reported the highest year-over-year gains. Seattle led the way with a 12.3 percent year-over-year price increase, followed by Portland with 9.2 percent, and Dallas with an 8.6 percentincrease. Ten cities reported higher price increases in the year ending March 2017 than in the year ending February 2017.
“Home prices continue rising with the S&P Corelogic Case -Shiller National Index up 5.8 percent in the year ended March, the fastest pace in almost three years,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
“The Redfin Housing Demand Index increased 9.2 percent from March to a seasonally adjusted level of 121 in April.”
The Index has been steadily decreasing from January to March, then picking up in April, showing strong variability in 2017. Buyers requesting tours was up 12.1 percent in April, compared to March, and buyers writing offers was up to 6.9 percent. “Across the 15 metros covered by the Demand Index, there were 13.1 percent fewer homes for sale than the previous March, marking the 23rd consecutive month of year-over-year inventory declines.”
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