We’ll add more market news briefs throughout the day. Check back to read the latest.
RealtyTrac’s August 2015 U.S. Home Sales Report:
- Sales of single-family homes and condominiums in August hit an eight-year high nationally, and some cities are on pace to see their best sales numbers in a decade.
- Out of 204 metro areas surveyed, 58 are on track to reach nine-year highs in home sales this year, and another 22 cities are poised to reach 10-year highs.
- All-cash sales accounted for 24.5 percent of all single family home and condo sales in August, up from a seven-year low of 23.6 percent in July, but still down from 26.7 percent of all sales in August 2014.
ProTeck’s Home Value Forecast:
- San Francisco buyers have averaged 20+ percent down over the last 14 years (loan-to-value ratios 67 percent to 82 percent), while Detroit has averaged loan-to-value ratios between 86 percent and 101 percent.
- Scottsdale, Arizona, average home prices are 20 percent below all-time highs.
- At the height of the housing crisis in Apache Junction, Arizona, homes lost more than half their value.
- New single-family homes in August were sold at a seasonally adjusted annual rate of 552,000.
- This is 5.7 percent above the revised July rate and 21.6 percent above the August 2014 estimate.
- The median sales price for new homes in August 2015 was $292,700, and the average sales price was $353,400.
Weekly mortgage rates:
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Yesterday’s market news:
Mortgage Bankers Association Weekly Applications Survey:
- Mortgage applications increased 13.9 percent from one week earlier during the week ending Sept. 18, 2015.
- The refinance share of mortgage activity increased to 58.4 percent of total applications from 56.2 percent the week prior.
- The FHA share of total applications decreased to 12.9 percent from 14.2 percent the previous week.
Freddie Mac’s Multi-Indicator Market Index (MiMi):
- The national MiMi is 81, an improvement of 0.93 percent from June 2015 to July 2015.
- Twenty-nine of the 50 states, plus Washington, D.C., have MiMi values in a stable range.
- Forty-six of the 100 metro areas measured have MiMi values in a stable range.
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