The HomeArea.com Real Estate Market Monitor
Key Metrics and News for the Housing Industry in One Place

Market Indexes for April 2019

House Price Index

+5.23% YoY

At 274.69 (+0.38% MoM)
Historical

List Price

+6.93% YoY

At $310,000 (+3.33% MoM)
Historical

List Price Per Sqft

+6.38% YoY

At $150 (+0.67% MoM)
Historical

30yr-Fixed Mortgage

-5.86% YoY

At 4.50% (-4.05% MoM)
Historical

Active Listings

+4.44% YoY

At 1,415,510 (+4.88% MoM)
Historical

New Listings

+2.69% YoY

At 540,856 (+13.21% MoM)
Historical

Days on Market

-1.69% YoY

At 58 (-10.77% MoM)
Historical

New Construction

-2.30% YoY

At 118,700 (+12.30% MoM)
Historical

Headlines

April Case-Shiller Results and May Forecast: Getting Back to Normal

Jun 25, 2019 via zillow.com Home prices climbed 3.5% year-over-year in April, a slowdown from 3.7% in March. The 10-city composite rose 2.3% year-over-year, which was a slight gain from 2.2% growth in March. The 20-city composite climbed 2.5% year-over-year, down from 2.6% the previous month. Nine of the 20 cities reported higher year-over-year price increase for April versus March.... The post April Case-Shiller Results and May Forecast: Getting Back to Normal appeared first on Zillow Research.

FirstBank exiting wholesale mortgage lending

Jun 25, 2019 via housingwire.com In what's become a trend, another lender announced this week that it is scaling back its mortgage business. In the last two months alone, HomeStreet Bank, Ditech, and Live Well Financial have all moved away from mortgage lending in one way or another. Now, FirstBank, one of Tennessee's largest community banks, is selling off its wholesale mortgage lending operations.

New home sales sank 7.8% in May, despite a big drop in mortgage rates

Jun 25, 2019 via cnbc.com Buyers pulled away from the builders in May, even as affordability improved, thanks to lower mortgage rates.

May New Home Sales: Continuing to Adjust

Jun 25, 2019 via zillow.com It's an indication that the market continues to adjust to an otherwise relatively healthy spring for new construction. The post May New Home Sales: Continuing to Adjust appeared first on Zillow Research.

FHFA: American home price growth crawls forward in April

Jun 25, 2019 via housingwire.com Home prices crawled forward in April, rising only 0.4% from the previous month but up 5.2% from 2018, according to the latest monthly House Price Index from the Federal Housing Finance Agency. The report explains that across the nine census divisions, the Mountain Division once again experienced the strongest appreciation growth.

Here's How Many Affordable Homes Could Be Purchased For $238 Million-The Price of Most Expensive U.S. Home Ever Sold

Jun 25, 2019 via redfin.com A New York City penthouse broke records selling for $238M, which is equivalent to purchasing just about every single affordable house on the market in Deltona, Fl, or half of all homes on the market. The post Here's How Many Affordable Homes Could Be Purchased For $238 Million-The Price of Most Expensive U.S. Home Ever Sold appeared first on Redfin Real-Time.

Case-Shiller shows home prices rose only 3.5% in April

Jun 25, 2019 via housingwire.com In April, America's home prices continued to appreciate slowly, according to the latest Case-Shiller Home Price Index from S&P Down Jones Indices and CoreLogic.The report showed that April 2019 saw an annual increase of 3.5% for home prices nationwide, slowing from the previous month's pace.

Gains in home prices shrink slightly in April, but some cities are heating up: S&P Case-Shiller

Jun 25, 2019 via cnbc.com Home prices in April were 3.5% higher than a year earlier, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Could we see 2% mortgage rates before this is all over?

Jun 25, 2019 via themortgagereports.com Not that long ago, rates in the 3s were said to be impossible. Now, with 30-year fixed rates descending toward 3%, are rates in the high- or even mid-2s a possibility?

Home prices gain speed; experts predict even more increases in the coming months

Jun 25, 2019 via themortgagereports.com Americans who are on the fence about buying a home might want to act soon. Home prices just notched their first growth spurt in over a year, and according to some experts, they're only going to rise from there.

Apple will put 2,000 employees in new Seattle hub near Amazon headquarters

Jun 24, 2019 via cnbc.com The space will hold more than 3,000 employees, and will officially open by the end of the year.

Senior housing wealth continues to smash records

Jun 24, 2019 via housingwire.com Older homeowners continue to rake in the home equity as home values appreciate across the nation, with the latest data revealing that equity levels for the 62-and-older set grew by $104 billion last quarter. That brought senior housing wealth to a record-breaking $7.14 trillion in the first quarter of the year.

It's Not All About Demand: Home Prices are Sky-High Where It's Most Difficult and Most Expensive to Acquire and Develop Land

Jun 24, 2019 via redfin.com In expensive coastal metros like San Jose, the value of land accounts for more than half of the typical home's value, far more than it does in inland areas. The post It's Not All About Demand: Home Prices are Sky-High Where It's Most Difficult and Most Expensive to Acquire and Develop Land appeared first on Redfin Real-Time.

Homeowners in these cities are doing the most remodeling

Jun 24, 2019 via housingwire.com Remodeling activity across the nation has slowed in the last year, but some cities have bucked the trend and posted gains despite the nationwide housing slowdown. According to the latest from housing data and analytics company BuildFax, remodeling activity increased in May in five of the top 10 metropolitan statistical areas, but elsewhere signs of a nationwide housing slump are evident.

Gateway First Bank appoints Bank Secrecy Act officer

Jun 24, 2019 via housingwire.com Gateway First Bank has named Tiffany Sizemore Bank Secrecy Act officer. In this role, Sizemore will oversee the development and implementation of the newly merged company's compliance with the Bank Secrecy Act on a state and federal level.

Guild Mortgage launches refi option for Airbnb hosts

Jun 24, 2019 via housingwire.com Guild Mortgage has partnered with Airbnb to launch a refinance option for property owners who host guests through the Airbnb platform. The option allows homeowners who rent their primary residences through Airbnb to refinance their mortgage and list the money made on short-term rentals as qualifying income.

Guild Mortgage launches refi program for Airbnb hosts

Jun 24, 2019 via housingwire.com Guild Mortgage has partnered with Airbnb to launch a refinance program for property owners who host guests through the Airbnb platform. The program allows homeowners who rent their primary residences through Airbnb to refinance their mortgage and list the money made on short-term rentals as qualifying income.

Blend announces $130 million capital raise

Jun 24, 2019 via housingwire.com Mortgage tech startup Blend raised $130 million in a Series E funding round, the company announced Monday. Led by Temasek and General Atlantic, the latest capital raise brings Blend's total funding to $310 million.

Housing Market Continues to Cool and Normalize (May Market Report)

Jun 24, 2019 via zillow.com The for-sale and rental housing markets moved in opposite directions in May -- the former slowing, the latter growing. Both are signs of normalization. The post Housing Market Continues to Cool and Normalize (May Market Report) appeared first on Zillow Research.

Mortgage rates predicted to fall to "the lowest they've ever been"

Jun 24, 2019 via themortgagereports.com A well-known mortgage rate commentator is calling for the lowest mortgage rates in history. Will that prediction materialize?

The power of mortgage insurance -- and which state's buyers use it most

Jun 24, 2019 via themortgagereports.com Mortgage insurance often gets a bad rap. But according to new data, it actually helped more than 1 million Americans either purchase a home or refinance their mortgage loan last year.

McAllen, Texas, Salt Lake City and Grand Rapids Have the Highest Homeownership Rates for Single Mothers

Jun 24, 2019 via redfin.com Nationwide, 31% of single mothers are homeowners. The rate is higher in certain metros like Salt Lake City and Grand Rapids, and lower in California. The post McAllen, Texas, Salt Lake City and Grand Rapids Have the Highest Homeownership Rates for Single Mothers appeared first on Redfin Real-Time.

Ginnie Mae removes loanDepot's VA loan restrictions

Jun 21, 2019 via housingwire.com After nearly six months of being restricted from participating in some of Ginnie Mae's mortgage bond programs as part of the agency's crackdown on lenders for Department of Veterans Affairs loan churning, loanDepot is back in the game. Ginnie Mae announced Friday that it has removed the mortgage bond restrictions it placed on loanDepot earlier this year.

NAR: Existing home sales rise 2.5% in May

Jun 21, 2019 via housingwire.com In May, existing home sales rose for the first time since March, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said homebuyers' purchasing power has been bolstered by favorable conditions like falling mortgage rates.

May Existing Home Sales: Chipping Away

Jun 21, 2019 via zillow.com The market no longer faces the climbing mortgage rates or poor stock market performance that helped set the stage for last year's declines - and existing home sales are bouncing back slowly. The post May Existing Home Sales: Chipping Away appeared first on Zillow Research.

July 2019 mortgage rates forecast (FHA, VA, USDA, Conventional)

Jun 21, 2019 via themortgagereports.com Mortgage rates are dropping to fresh lows. July could provide some of the lowest rates seen in over 2 years. This is the chance mortgage rate shoppers have been waiting for.

Here's how to win a 2019 HousingWire Insider award

Jun 20, 2019 via housingwire.com Nominations for this year's HousingWire Insiders award recently opened, allowing companies to show off their best kept secret. Before you fill out your nomination form, here are a few nominees a few tips and answers to some of the most frequently asked questions.

Forecasts for Existing and New Home Sales (May 2019)

Jun 20, 2019 via zillow.com We expect May existing home sales to grow from April unrevised figure - chipping away at the year-over-year deficit that has persisted since March 2018 caused by declines due to climbing mortgage rates, poor stock market performance and fears of a slowing economy. The post Forecasts for Existing and New Home Sales (May 2019) appeared first on Zillow Research.

Mortgage delinquencies fall to a record low in May

Jun 20, 2019 via housingwire.com Mortgage delinquencies fell to a record low of 3.36% in May as a strong labor market helped Americans to pay their mortgages on time, according to a Black Knight report. Prepayments on first-lien U.S. mortgages rose 24% in May, double the rate of four months ago, the company said.

Class Valuation hires Fannie Mae's Tim Staudenmaier

Jun 20, 2019 via housingwire.com Collateral valuation and appraisal management company Class Valuation has hired Tim Staudenmaier as its new director of Digital Strategy. Staudenmaier will focus on technology and processes that support the modernization of valuation and collateral risk assessment.

Situs Group merges with American Mortgage Consultants

Jun 20, 2019 via housingwire.com Situs Group Holdings Corp., a provider of business and tech solutions for the real estate industry, is merging with American Mortgage Consultants, a due-diligence firm that caters to secondary market participants, the two firms announced Wednesday. The merged enterprise will rebrand as SitusAMC and offer services and tech solutions to commercial and residential real estate firms.

Redfin: A lack of housing supply is slowing home-sale growth

Jun 20, 2019 via housingwire.com In May, home-sale growth continued to lag, highlighting a slowdown in inventory, according to new data from Redfin. Redfin Chief Economist Daryl Fairweather said although recent surges in mortgage applications reflect heightened homebuyer demand, a lack of inventory continues to prevent growth.

Falling mortgage rates may already be lifting home prices

Jun 20, 2019 via cnbc.com Mortgage rates have been falling steadily since the last week of April, and that may be reigniting home price appreciation. The lower the rate, the more purchasing power buyers have.

Freddie Mac: Mortgage rates rise from two-year low

Jun 20, 2019 via housingwire.com The average U.S. mortgage rate rose two basis points to 3.84%, according to the latest Freddie Mac Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said while the continued drop in mortgage rates has paused, homebuyer demand is still strong.

May Home Prices Up 3.6%, the Largest Year-Over-Year Increase in 7 Months

Jun 20, 2019 via redfin.com U.S. home-sale prices edged up again in May, growing 3.6 percent from a year ago to a median of $315,700 across the metros Redfin tracks. The post May Home Prices Up 3.6%, the Largest Year-Over-Year Increase in 7 Months appeared first on Redfin Real-Time.

Redfin and Trupanion Name the 25 Most Cat-Friendly Cities of 2019

Jun 20, 2019 via redfin.com Redfin and Trupanion partnered to rank the 25 most cat-friendly cities based on data related to access to vet care and favorable housing features. The post Redfin and Trupanion Name the 25 Most Cat-Friendly Cities of 2019 appeared first on Redfin Real-Time.

Check out these cities where Baby Boomers are flocking

Jun 20, 2019 via themortgagereports.com Baby Boomers are flocking to Las Vegas. According to a new report, one Vegas ZIP code has seen a 79 percent spike in Boomer population in just the last five years.

Denver Housing Market Still Shows No Signs of Heating Up; 41% of Sellers Dropped Their Price Last Month

Jun 19, 2019 via redfin.com After years of strong price growth, home prices in Denver rose just 1.4% in May. The area's housing market is showing no signs of heating up. The post Denver Housing Market Still Shows No Signs of Heating Up; 41% of Sellers Dropped Their Price Last Month appeared first on Redfin Real-Time.

WSJ: Phoenix is "petri dish" for America's iBuying experiment

Jun 19, 2019 via housingwire.com High-tech flippers such as Zillow and Opendoor are using algorithms to reshape the housing market, and Phoenix is the "proving ground," according to a Wall Street Journal story. The advent of iBuyers is just the latest challenge agents face in the Phoenix area, said Sam Miller, president-elect of the 10,000-member Phoenix Association of Realtors.

Warren questions Kushner's $800 million Freddie Mac loan

Jun 19, 2019 via housingwire.com Sen. Elizabeth Warren recently called attention to a loan received by Kushner Cos., the real estate company owned by the family of Jared Kushner, son-in-law and advisor to President Donald Trump. In a letter to Freddie Mac CEO Donald Layton, Warren and Sen. Tom Carper (D-DE) questioned whether the $800 million Freddie Mac loan was pushed through because of the real estate company's connection to Jared Kushner.

Mortgage rates fall as the Fed hints at future rate cuts

Jun 19, 2019 via themortgagereports.com Mortgage rates are in a tailspin as the Fed holds rates steady in June and hints at a significant cut this July.

Freddie Mac announces fixer-upper mortgage

Jun 19, 2019 via housingwire.com Freddie Mac is launching a new mortgage product that allows borrowers to buy a fixer-upper and finance the renovation all with one loan. The government-sponsored enterprise announced its new CHOICERenovation loan product on Wednesday, saying it's available immediately to all approved lenders. The new product has a unique feature: it can be used to address or prevent damage from natural disasters.

Plaid Co-Founder William Hockey stepping down

Jun 19, 2019 via housingwire.com One of the biggest names in fintech is about to take a step back from the company he helped build, as Plaid Co-Founder William Hockey revealed Tuesday that he is planning to step down from the day-to-day operations of the company.

Fed holds rates steady. Here's what that means for your wallet

Jun 19, 2019 via cnbc.com Here's a breakdown of what Wednesday's Fed decision means for your bank account, mortgage, credit card, student loan balance and car payment.

Tech Companies Want to Improve Housing Affordability -- Which May be Just as Much a Business Strategy as a Community Initiative

Jun 19, 2019 via redfin.com Tech companies like Google are committing to build more housing for their employees and neighbors. That could help housing affordability, but it could also ease employers' recruitment costs. The nation's largest companies, including Google, Microsoft and Facebook, have pledged billions of dollars to create affordable housing near their campuses, acknowledging their part in the housing […] The post Tech Companies Want to Improve Housing Affordability — Which May be Just as Much a Business Strategy as a Community Initiative appeared first on Redfin Real-Time.

RentCafe: The national average rent climbs to $1,442 in May

Jun 19, 2019 via housingwire.com Although 36% of the country's largest 260 cities now have rents that exceed the national average of $1,442, RentCafe's data indicates that a whopping 64% of rents still fall below the median. According to the company's data, cities in the Midwest and the South continue to maintain the most affordable rental prices.

How low can mortgage rates go?

Jun 19, 2019 via themortgagereports.com No one saw this coming While a lot of forecasters thought we would see mortgage rates above 5% this year that hasn’t been the case. In fact, at the start […]

Residential construction activity is strong in the South; here's what cities saw the most growth

Jun 19, 2019 via themortgagereports.com Construction is up in the Lone Star State. According to a new analysis, three Texas cities made the nation's list of most residential construction permits last year -- a promising sign for those looking to build or buy a new home.

Weekly mortgage applications fall as rates rise, volume remains much higher than last year

Jun 19, 2019 via cnbc.com Mortgage applications were down 3.4% from the previous week, but still up 31.6% from a year earlier, according to the Mortgage Bankers Association.

The NRP Group appoints new VP of Development

Jun 18, 2019 via housingwire.com The NRP Group, a builder and manager of multifamily housing, recently appointed David Brown as a regional vice president of development. In this new role, Brown will focus on building the company's pipeline in the Dallas-Fort Worth metroplex.

Housing Prices

Monthly House Price Index

A weighted, repeat-sales index which measures average price changes on the same properties for single-family homes whose mortgages go through Fannie Mae or Freddie Mac.

Latest: 274.69 (April 2019), MoM change: +0.38%, YoY change: +5.23%

Source: Federal Housing Finance Agency

List Prices

Median List Price Latest: $310,000 (April 2019), MoM change: +3.33%, YoY change: +6.93%

Average List Price Latest: $515,800 (April 2019), MoM change: +1.34%, YoY change: +4.65%

Source: Realtor.com

Median List Price Per Square Foot

Latest: $150 (April 2019), MoM change: +0.67%, YoY change: +6.38%

Source: Realtor.com

Mortgage Rates

30-Year Fixed-Rate Loans

Only includes single-family, non-jumbo loans. For the past several decades, more than half of consumers choose 30-year, fixed-rate mortgages.

Mortgage Effective Rate Latest: 4.50% (April 2019), MoM change: -4.05%, YoY change: -5.86%

Mortgage Contract Rate Latest: 4.39% (April 2019), MoM change: -4.77%, YoY change: -5.39%

Mortgage Initial Fees Latest: 1.12% (April 2019), MoM change: +5.66%, YoY change: -4.27%

Source: Federal Housing Finance Agency

Listings

Active and New Listings

Active Listings Latest: 1,415,510 (April 2019), MoM change: +4.88%, YoY change: +4.44%

New Listings Latest: 540,856 (April 2019), MoM change: +13.21%, YoY change: +2.69%

Source: Realtor.com

Median Days on Market

Latest: 58 (April 2019), MoM change: -10.77%, YoY change: -1.69%

Source: Realtor.com

Price Changes

Price Decreases Latest: 308,530 (April 2019), MoM change: +14.24%, YoY change: +15.16%

Price Increases Latest: 27,684 (April 2019), MoM change: +0.14%, YoY change: -9.65%

Source: Realtor.com

New Construction

Housing Units Authorized by Building Permits

Only includes new, privately owned housing units in roughly 20,000 permit issuing places in the U.S. According to the Census Bureau, permit issuing places account for 98% of new construction. The data is not seasonally adjusted.

Latest: 124,300 (May 2019), MoM change: +4.72%, YoY change: -2.05%

Source: U.S. Census Bureau

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