Skip to main content

Home Sales and Prices Are Still Rising

Jun 23, 2017
Newly released federal data reaffirmed the continued strength of the housing market

Newly released federal data reaffirmed the continued strength of the housing market.
Sales of new single-family houses in May were at a seasonally adjusted annual rate of 610,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. Last month’s sales level is 2.9 percent above the revised April rate of 593,000 and is 8.9 percent above the May 2016 estimate of 560,000.
The median sales price of new houses sold in May was $345,800, while the average sales price was $406,400. The seasonally-adjusted estimate of new houses for sale at the end of May was 268,000, which represents a supply of 5.3 months at the current sales rate.
Separately, the Federal Housing Finance Agency (FHFA) reported house prices rose in April were up 0.7 percent from March. On a year-over-year measurement, April’s home prices were up by 6.8 percent. For the nine census divisions, the seasonally adjusted monthly price changes from March to April ranged from a 0.1 percent decline in the East South Central division to a 1.6 percent upswing in the West South Central division. Year-over-year measurements were positive in all census divisions, ranging from 4.7 percent growth in the West North Central division to an 8.9 percent rise in the Mountain division.
The FHFA also reported that Fannie Mae and Freddie Mac completed 49,104 foreclosure prevention actions in the first quarter. The government-sponsored enterprises’ serious delinquency rate fell to one percent at the end of the first quarter, the lowest level since April of 2008, while the number of 60-plus days delinquent loans declined 10 percent to 377,622 at the end of the first quarter, also the lowest level since 2008.

About the author
Jun 23, 2017
Fannie Mae Implements Notice Of Potential Defect Process To Address Loan Repurchase Risks

Faced with market challenges, Fannie Mae reintroduces a Notice of Potential Defect, allowing lenders a grace period to rectify significant loan issues before repurchase requests, amid calls for broader industry reform.

Feb 29, 2024
Rocket Pro Originate Mortgage Platform To Close; Shifts Focus To Mortgage Brokers

Rocket Pro Originate, a platform serving real estate agents and financial professionals, announces closure.

Feb 28, 2024
United Wholesale Mortgage Reports Fourth Quarter Loss Of $461 Million, But Remains Bullish For 2024

UWM Chairman and CEO Mat Ishbia optimistic despite financial setback, cites operational profitability and broker dominance.

Feb 28, 2024
Condo Prices, Sales Falling In Florida

New regulations and rising insurance costs hold back buyers in six major metros.

Feb 26, 2024
Buyer Beware

Unpriced climate risk the housing market’s bubble in the bloodstream.

Feb 26, 2024
Rocket Companies Reports Decline in Fourth Quarter Revenue, Projects Optimism for Future Growth

Despite revenue dip, mortgage giant sees increase in market share and advances in AI technology.

Feb 22, 2024