Daily market update: Sept. 2, 2015

The U.S. Census Bureau of the Department of Commerce Residential Construction

• Residential construction spending increased on a monthly basis by 1.1 percent bringing it to a seasonally adjusted annual rate of $380.8 billion in July.
• Residential construction spending increased in July 2015 by 15.8 percent over July 2014.
• New residential multi-family construction decreased on a monthly basis by 2.2 percent but increased annually in July by 21.2 percent.

30-year fixed mortgages according to Zillow Mortgage Rate Ticker:

• The 30-year fixed mortgage rate is currently up eight basis points from last week to 3.75 percent.
• The 15-year fixed home loan is currently 2.92 percent.
• The biggest change in mortgage rates was 10 basis points in Florida bringing the current 30-year fixed rate to 3.81 percent.

We’ll add more market news briefs throughout the day. Check back to read the latest.

Yesterday’s market news:

Freddie Mac released its August Insight & Outlook report:

• 2015 mortgage originations estimates have been increased to $1.45 trillion and 2016 originations to $1.3 trillion.
• 2015 is expected to be the best year yet with an increase home sales projection of 5.73 million units.
• The cash-out share in the second quarter of 2015 rose to 34 percent from 27 percent in the first quarter of the year.

Auction.com released its latest Real Estate Nowcast:

• August home sales are projected to fall between seasonally adjusted annual rates of 5.46 million and 5.86 million units.
• This projected rate puts August home sales 1 percent above July 2015 rates and 12.9 percent above July 2014.
• The median sales price is expected to drop to $230,666 nationwide.

CoreLogic Home Price Index (HPI) for July 2015:

• Nationwide home prices (including distressed sales) increased by 6.9 percent in July 2015 on a year-over-year basis.
• Colorado, Florida, Hawaii, Nevada, New York, Oregon, South Carolina, South Dakota, Texas and Washington saw its growth match or surpass the nation’s annual price growth, which was 6.9 percent.
• Home prices nationwide increased by 1.7 percent in July 2015 over the June 2015 numbers.

Metrostudy’s survey of the San Francisco Bay Area real estate market:

• In the second quarter of 2015, both quarterly new-home starts and the number of closings increased by 11 percent over the same quarter of 2014.
• 25 percent of new-home starts were in the $1 million or higher range, causing 61 percent more people to rent now than in 2010.
• Annualized new-home starts are down by 4 percent compared to the second quarter of 2014.

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