Skip to main content

Latest Data Affirms Strengthening Housing Market

Jan 27, 2016
Two new data reports issued this morning appear to bolster the belief that the U.S. housing market is finally showing signs of a solid recovery

Two new data reports issued this morning appear to bolster the belief that the U.S. housing market is finally showing signs of a solid recovery.

According to new data from the U.S. Census Bureau and the U.S. Department of Housing & Urban Development (HUD), sales of new single-family houses were at a seasonally adjusted annual rate of 544,000 last month, a 10.8 percent increase above the revised November rate of 491,000 and a 9.9 percent increase above the December 2014 estimate of 495,000. An estimated 501,000 new homes were sold last year, 14.5 percent higher than the 2014 figure of 437,000.

The median sales price of new houses sold in December was $288,900, while the average sales price was $346,400. The seasonally adjusted estimate of new houses for sale at the end of December was 237,000, which represents a supply of 5.2 months at the current sales rate.

Data curated by FindTheHome

More good news came in the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association (MBA). For the week ending Jan. 22, the Market Composite Index increased 8.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, however, the index only increased 0.3 percent. Likewise, the seasonally adjusted Purchase Index increased five percent from one week earlier, but the unadjusted index saw a much smaller 0.4 percent uptick. Still, this index is 22 percent higher than the same week one year ago.

The Refinance Index increased 11 percent from the previous week, but the refinance share of mortgage activity decreased very slightly from 59.1 percent to 59 percent of total applications. And there was mixed activity with the government loan programs: the FHA share of total applications decreased to 12.7 percent from 13.7 percent the week prior, while the VA share of total applications increased to 11.1 percent from 10.8 percent and the USDA share of total applications remained unchanged at 0.7 percent.

In other data news, CoreLogic reported that distressed sales accounted for 11.9 percent of total home sales nationally in November, down 1.9 percent year-over-year but up 1.4 percent from the previous month. CoreLogic explained the month-over-month increase was “expected due to seasonality, and the magnitude of the change was in line with previous Novembers.”

All but nine states saw a year-over-year drop in distressed sales in November. Maryland had the greatest share of distressed sales at 20.2 percent, followed by Connecticut (19.1 percent), Florida (19 percent), Michigan (18.9 percent) and Illinois (17.8 percent). North Dakota had the smallest distressed sales share at 2.7 percent. Among major metro areas, Florida’s Orlando-Kissimmee-Sanford, Fla. had the largest share of distressed sales at 21.2 percent.

About the author
Published
Jan 27, 2016
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024