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- Single-family housing unit authorizations in August were at a rate of 737,000, 3.7 percent above July 2016.
- Single-family housing starts in August were at a rate of 722,000, this is 6.0 percent below July.
- Single-family housing completions in August were at a rate of 752,000; 0.3 percent below July.
First American’s Potential Home Sales Model for August 2016:
- The market for existing-home sales is underperforming its potential by 5.6 percent.
- In August, the market potential for existing-home sales grew 1.08 percent month-over-month.
- Potential existing-home sales increased to 5.78 million, 91.9 percent above the December 2008 market bottom.
Mortgage rates:
[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
Home equity rates:
[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]
[graphiq id=”dP0v3iYOnH” title=”Average Home Equity Loan Credit Union Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/dP0v3iYOnH” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Credit Union Rates by State | Credio”]
Most recent market news:
National Association of Home Builders’ Builder Confidence Index:
- The index jumped to its highest point since October 2015, rising six points to 65.
- This is up from a downwardly revised August reading of 59.
- The index measuring traffic of prospective buyers posted a four-point gain to 48.
Re/Max National Housing News Report for August 2016:
- Home sales increased 5.8 percent year-over-year in August 2016.
- The median home price was up 5.1 percent year-over-year to $225,900.
- Inventory in August averaged 3.4 months’ supply — 6 months is considered a balanced market.
Email market reports to press@inman.com.