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

Market Indexes for September 2018

House Price Index

+5.96% YoY

At 266.92 (+0.18% MoM)
Historical

List Price

+7.29% YoY

At $295,000 (0.00% MoM)
Historical

List Price Per Sqft

+7.52% YoY

At $143 (+0.70% MoM)
Historical

30yr-Fixed Mortgage

+14.89% YoY

At 4.86% (-0.21% MoM)
Historical

Active Listings

-0.04% YoY

At 1,560,830 (+0.54% MoM)
Historical

New Listings

+7.80% YoY

At 463,208 (-5.16% MoM)
Historical

Days on Market

-5.80% YoY

At 65 (+6.56% MoM)
Historical

New Construction

-3.78% YoY

At 99,400 (-14.97% MoM)
Historical

Headlines

Home Supply Up 123% in San Jose, Nearly 100% in Seattle, Leading the Nation's Biggest Inventory Increase in 3 Years

Dec 14, 2018 via redfin.com Slowing price growth and a growing percentage of price drops are other signs that the regions' real estate markets may finally be cooling. Signals are emerging that the party may be coming to an end for home sellers in San Jose and Seattle, which have been two of the hottest seller's markets in the country […] The post Home Supply Up 123% in San Jose, Nearly 100% in Seattle, Leading the Nation's Biggest Inventory Increase in 3 Years appeared first on Redfin Real-Time.

FHA raises reverse mortgage loan limits

Dec 14, 2018 via housingwire.com The Federal Housing Administration has increased the maximum claim amount for reverse mortgages for the third consecutive year, announcing Friday that it will raise HECM claim amounts to $726,525 in 2019. What does this mean for the HECM? Click the headline to find out.

FHA loan limits to increase in most of U.S. in 2019

Dec 14, 2018 via housingwire.com The Federal Housing Administration announced its new loan limits for 2019, and it looks like most of the country will see an increase. These new loan limits will be effective for FHA loans assigned on or after January 1, 2019. Click the headline to see the new loan limits.

Apple's $1 billion Austin campus is the latest big investment from top tier firms: Texas governor

Dec 14, 2018 via cnbc.com "Texas is the Alabama when it comes to recruiting in college football. We get to pick the 5-star recruit companies that are coming to the Lone Star State," Abbott says.

More borrowers turn to proprietary reverse mortgages

Dec 14, 2018 via housingwire.com For years, 95% of the reverse mortgage market has been dominated by the FHA's HECM offering. But it looks like that's about to change. Now, borrowers can take a reverse mortgage on a higher priced home and choose from a selection of products with a number of interesting features offered by five different lenders, and lenders say consumer interest is strong.

Rate hike in December? Maybe not

Dec 14, 2018 via housingwire.com An interest rate hike in December was almost a sure thing, followed by one or two rate hikes next year - all the economists said it. After that, there was debate about what would happen next. But that is now beginning to shift, and even a rate hike in December may not be happening.

Fannie Mae: Home sales to stabilize in 2019

Dec 14, 2018 via housingwire.com Although economic growth is expected to slow in the new year, new data suggests the housing market will stabilize come 2019, according to Fannie Mae. Find out why.

Zumper: The American dream of homeownership fades

Dec 14, 2018 via housingwire.com This year, navigating the landscape of American housing has proved to be rocky for both renters and homeowners. As 2018 comes to an end, Zumper, a rental listing site, has revealed for many Americans, the dream of homeownership is fading. Here's why.

Out-of-state homebuyers head south; Florida claims top destination for 14 states

Dec 14, 2018 via themortgagereports.com American homebuyers are flocking toward warmer climates. According to a new study, U.S. residents are increasingly leaving colder states, instead buying homes in places like Florida, Texas and California.

Atlanta and Phoenix Home Buyers Have Smaller Down Payments

Dec 14, 2018 via zillow.com Nationally, 24.2 percent of buyers put down 5 percent or less. The share is much higher in Atlanta, where a whopping 44.5 percent of buyers put down 5 percent or less, and Phoenix, where 36.9 percent do. The post Atlanta and Phoenix Home Buyers Have Smaller Down Payments appeared first on Zillow Research.

Why Demand for Rentals Will Likely Rise in 2019

Dec 13, 2018 via biggerpockets.com Whichever direction house prices go in 2019, it's only likely to lead to more demand for renting. While the economy may ultimately cap how high rents can go, more demand is going to help landlords keep up rental rates and have greater choice over the quality of tenants they accept or the terms they can ask. View the full article: Why Demand for Rentals Will Likely Rise in 2019 on The BiggerPockets Blog. This content is Copyright (C) 2017 BiggerPockets, Inc. All Rights Reserved.

HECM margins remain stable at 1.98%

Dec 13, 2018 via housingwire.com Margins on adjustable-rate reverse mortgage loans averaged 1.98% in October, according to HECM analytics provider Baseline Reverse. "We continue to see stabilization around the 2% margin as the market appears to have found its competitive footing," said Baseline President Dan Ribler.

Redfin: Housing inventory accelerates to 3-year high

Dec 13, 2018 via housingwire.com In November, housing inventory climbed 5%, marking its fastest growth in the last three years, according to new data from Redfin. Redfin Chief Economist Daryl Fairweather said the tide has turned. Here's why.

Mr. Cooper hires restructuring expert as new CFO

Dec 13, 2018 via housingwire.com Mr. Cooper has hired Christopher Marshall to take over as chief financial officer. Marshall is the co-founder and former CFO of Capital Bank Financial, and he previously worked as chief restructuring officer and senior advisor to the CEO at GMAC.

Homebuilders are not getting a bump from lower mortgage rates

Dec 13, 2018 via cnbc.com Mortgage applications to purchase a newly built home dropped 11 percent in November, annually, according to the Mortgage Bankers Association. MBA economists predict that sales of newly built homes in November fell 5 percent annually.

Freddie Mac: Mortgage rates reach three-month low

Dec 13, 2018 via housingwire.com Mortgage rates have now reached a three-month-low, according to the latest Freddie Mac Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said the 30-year fixed fell to 4.63% this week - the lowest it has been since mid-September.

In Already-Hot Nashville, Amazon Announcement Didn't Boost Homebuyer Interest

Dec 13, 2018 via redfin.com Online views of homes in Long Island City and Crystal City soared, but Amazon's plans for a major new office in Nashville didn't have any impact on search activity in Music City. When Amazon announced plans for a major new operations office in Nashville, online views of local home listings on Redfin.com stayed about the […] The post In Already-Hot Nashville, Amazon Announcement Didn't Boost Homebuyer Interest appeared first on Redfin Real-Time.

Housing Inventory Up 5% in November--Fastest Growth in 3 Years--as Sales Decline 8%

Dec 13, 2018 via redfin.com Prices post sub-4% growth for third consecutive month Balance of supply and demand is shifting toward homebuyers' favor in markets like San Francisco, Seattle, Denver, Dallas, and Portland, Oregon U.S. home-sale prices increased 3.3 percent in November compared to a year ago, to a median of $298,800. November marked the third straight month of annual […] The post Housing Inventory Up 5% in November--Fastest Growth in 3 Years--as Sales Decline 8% appeared first on Redfin Real-Time.

Where are America's safest cities to call home? Maryland town tops the list

Dec 13, 2018 via themortgagereports.com Can't decide where to put down roots? If you're looking for a safe spot to avoid natural disasters, identity theft or burglary, you might want to buy a home in Columbia, Maryland. The city was just named the country's safest place in America.

Gateway Mortgage hires new chief risk officer

Dec 12, 2018 via housingwire.com Gateway Mortgage Group has named Steven Patrick its new chief risk officer, tasked with overseeing the Oklahoma-based lender's enterprise risk management, compliance and quantitative analytics.

How to create the ultimate smart home ecosystem

Dec 12, 2018 via redfin.com The smart home used to be the stuff of science fiction. Moviegoers watched as Tony Stark controlled his mansion with nothing more than his voice, or wished they could have the type of technology that made Batman's life so amazing. These days, you don't have to be a billionaire business owner or an eccentric crime […] The post How to create the ultimate smart home ecosystem appeared first on Redfin Real-Time.

New York shuts down mortgage lender

Dec 12, 2018 via housingwire.com The list of no-no's at Franklin First is long; inaccurate balance sheets, substantial lead generation payments to employees in an effort to dodge LO comp restrictions, transferring of funds to private businesses, using company money for personal expenses, doing business with unlicensed MLOs.

Democratic state senator blasts Amazon's HQ2 as a PR scam, saying 'New York fell for it'

Dec 12, 2018 via cnbc.com "I don't think it's worth providing $3 billion and setting a precedent" for other companies to pick the city's pockets, state Sen. Michael Gianaris says.

Mortgage Rates Level Off After Two Week Decline

Dec 12, 2018 via zillow.com Mortgage rates held flat this week, kept in check by offsetting forces from abroad, breaking a two-week-long slide that saw rates hit their lowest levels since September. The post Mortgage Rates Level Off After Two Week Decline appeared first on Zillow Research.

Redfin Welcomes Aaron Noe as National Head of Renovations

Dec 12, 2018 via redfin.com Noe will oversee renovations for RedfinNow. RedfinNow buys homes directly from homeowners giving them a way to sell their home quickly with more certainty and less stress. The post Redfin Welcomes Aaron Noe as National Head of Renovations appeared first on Redfin Real-Time.

Fannie Mae: Lender pessimism grows as mortgage demand falls

Dec 12, 2018 via housingwire.com Amidst declining mortgage loan demand and intensified lender competition, mortgage lender sentiment fell to an all-time-low, according to Fannie Mae's Q4 2018 Mortgage Lender Sentiment Survey.

These rental suites double as American-made showrooms, but it was tough finding a toaster

Dec 12, 2018 via cnbc.com Patrick Flynn launched GoLocal Suites, which provides fully furnished rental suites where nearly everything inside is made in America.

It's official: Trump nominates Mark Calabria to lead FHFA

Dec 12, 2018 via housingwire.com Late Tuesday night, President Donald Trump announced his choice to lead the Federal Housing Finance Agency - Mark Calabria. Calabria's nomination must still be approved by the Senate, but with his extensive background in housing, and a Republican majority in the Senate, that isn't expected to be a problem. Click the headline to read more.

This map shows where Americans are struggling to repay their car loans

Dec 12, 2018 via cnbc.com A new map by the Urban Institute traces auto delinquency rates in counties across the U.S.

Bidding Wars Plummet to an Eight-Year Low, but Buyers Still Face Competition Most of the Time in These Zip Codes

Dec 12, 2018 via redfin.com Despite a cooling market, bidding wars remain the norm in hot California, Boston and D.C. zip codes Thirty-two percent of offers written by Redfin agents on behalf of their home-buying customers in November faced competition (one or more competing bids), down from 45 percent a year earlier, marking an all-time low since Redfin began tracking […] The post Bidding Wars Plummet to an Eight-Year Low, but Buyers Still Face Competition Most of the Time in These Zip Codes appeared first on Redfin Real-Time.

2018 was a big year for homeowners; here's how much home equity Americans gained

Dec 12, 2018 via themortgagereports.com Homeowners have seen serious gains in equity this year. According to the latest data, the average owner saw their home equity jump 9.4 percent since 2018 -- an aggregate increase of $775.2 billion across the nation.

MBA: Mortgage applications increase 1.6%

Dec 12, 2018 via housingwire.com Mortgage applications increased 1.6% for the week ending Dec. 7, 2018, according to new data from the Mortgage Bankers Association's weekly Mortgage Applications Survey. MBA's Associate Vice President of Economic and Industry Forecasting Joel Kan said recent rate declines are responsible for the jump in refinance applications.

Mortgage applications rise 1.6% as interest rates drop to lowest level since September

Dec 12, 2018 via cnbc.com December may be a slow month traditionally for the housing market, but mortgage lenders are suddenly getting busier.

CoreLogic: Here's what will be making economic news in 2019

Dec 11, 2018 via housingwire.com CoreLogic released its predictions for 2019, outlining several factors that will be making economic news in the new year. CoreLogic's chief economist explained that economic growth only needs to last seven more months in order to set the record for the longest economic expansion.

Wise Agent names Jason Frazier chief marketing officer

Dec 11, 2018 via housingwire.com Wise Agent hired Jason Frazier as its chief marketing officer, the company announced this week. Frazier, a known marketer in the mortgage industry, will be responsible for modernizing email marketing and social content for Wise Agent's CRM system.

Lumber Prices at Lowest Levels Since 2017

Dec 11, 2018 via zillow.com Lumber prices retreated sharply from mid-year highs and dipped to lowest levels since January 2017, the eve of the U.S.-Canada trade war that sparked the lumber price surge. The post Lumber Prices at Lowest Levels Since 2017 appeared first on Zillow Research.

Homelessness accelerates in expensive rental markets

Dec 11, 2018 via housingwire.com As more and more Americans become rent burdened, the homeless rates in the nation's most unaffordable markets continue to grow, according to the latest data from Zillow. Zillow Director of Economic Research and Outreach Skylar Olsen said that although the nation's homelessness rate has fallen, some communities are still grappling with affordability.

Do reverse mortgages have occupancy issues?

Dec 11, 2018 via housingwire.com Reverse mortgage borrowers must sign a form every year to confirm that they are living in the property, but without anyone physically verifying that it is, in fact, the borrower signing the form, there's bound to be fraud, and it could be costing the FHA's insurance fund millions.

NAMB launches origination system for mortgage brokers

Dec 11, 2018 via housingwire.com The National Association of Mortgage Brokers platform enables mortgage brokers to connect with wholesale lenders. Using Calyx Software, borrowers will be able to initiate loan applications and begin the asset verification process.

Homeowners are self-gifting this year, planning costly holiday renovations

Dec 11, 2018 via themortgagereports.com Homeowners are planning to spend big this holiday season -- but not just on gifts. According to a new survey, a whopping third of homeowners are planning home improvements this season, opting to spend 10 times what most Americans have allotted for gifts.

Homelessness Rises More Quickly Where Rent Exceeds a Third of Income

Dec 10, 2018 via zillow.com Income growth has not kept pace with rents, leading to an affordability crunch with cascading effects that, for people on the bottom economic rung, increases the risk of homelessness. The post Homelessness Rises More Quickly Where Rent Exceeds a Third of Income appeared first on Zillow Research.

Sabal announces new president and COO

Dec 10, 2018 via housingwire.com Sabal Capital Partners, a financial services firm specializing in commercial real estate, lending and investing, announced Monday that it appointed Jason Pendergist as president and chief operating officer of term lending.

Redfin: Number of sight-unseen home offers retreat

Dec 10, 2018 via housingwire.com As inventory increases and home price growth slows down, homebuyer competition has begun to ease, according to the latest data from Redfin. Redfin Agent Jessie Culbert said now that most homes are staying on the market for longer than a week, there just isn't as much pressure for buyers to make offers so hastily.

This is what the housing market could look like in 2019

Dec 10, 2018 via housingwire.com Teaser: In 2018, the housing market experienced its fair share of up and downs, attributed to many factors including affordability and inventory concerns. But as the year comes to an end, homebuyers will be walking into 2019 with more pep in their step. Here's why.

Homeowners are seeing the smallest equity gains in two years

Dec 10, 2018 via cnbc.com The drop in equity gains has been sharpest in the third quarter of this year . In fact, after hitting a record high, the amount of tappable equity fell quarter-to-quarter for the first time since the housing recovery began.

Fannie, Freddie to suspend evictions for the holidays

Dec 10, 2018 via housingwire.com Fannie Mae and Freddie Mac announced Monday that they will not be evicting any families during this holiday season. The suspension will last through the new year, but during that time legal and administrative proceedings will continue.

Americans now have less equity to tap

Dec 9, 2018 via housingwire.com According to the latest report from Black Knight, tappable equity on mortgaged properties is now $5.9 trillion - down from last quarter's record-breaking $6 trillion. American homeowners with a mortgage lost about $2,300 in equity this quarter and now have $136,000 available to tap as a slowdown in home price appreciation dampens growth.

A new study shows 89 percent of millennials want to be homeowners--but this keeps them back

Dec 8, 2018 via cnbc.com A new study from Apartment List highlights the overall feelings millennials have towards purchasing a home.

US mall owners have been slow to change for years. But now they're trying to embrace it

Dec 7, 2018 via cnbc.com As 2018 comes to an end, it's been announced that more than 146 million square feet of retail space will be shut across the U.S. in malls and shopping centers, according to real estate research group CoStar.

Millennials and money: These homebuyers' habits aren't as bad as they seem

Dec 7, 2018 via themortgagereports.com It turns out Millennials aren't as bad with money as most assume. In fact, according to a new report from Bank of America, the Millennial generation is actually just as good -- if not better -- at managing their money than past cohorts were.

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: 0 (October 2018), MoM change: -100.00%, YoY change: -100.00%

Source: Federal Housing Finance Agency

List Prices

Median List Price Latest: $293,000 (November 2018), MoM change: -0.68%, YoY change: +8.50%

Average List Price Latest: $488,300 (November 2018), MoM change: +0.47%, YoY change: +5.30%

Source: Realtor.com

Median List Price Per Square Foot

Latest: $143 (November 2018), MoM change: 0.00%, YoY change: +7.52%

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: 4.97% (October 2018), MoM change: +2.26%, YoY change: +19.47%

Mortgage Contract Rate Latest: 4.87% (October 2018), MoM change: +2.10%, YoY change: +18.49%

Mortgage Initial Fees Latest: 1.06% (October 2018), MoM change: -5.36%, YoY change: -15.20%

Source: Federal Housing Finance Agency

Listings

Active and New Listings

Active Listings Latest: 1,515,489 (November 2018), MoM change: -2.76%, YoY change: +3.92%

New Listings Latest: 383,110 (November 2018), MoM change: -13.72%, YoY change: +3.30%

Source: Realtor.com

Median Days on Market

Latest: 71 (November 2018), MoM change: +4.41%, YoY change: -6.58%

Source: Realtor.com

Price Changes

Price Decreases Latest: 335,744 (November 2018), MoM change: -15.43%, YoY change: +20.25%

Price Increases Latest: 22,118 (November 2018), MoM change: -6.51%, YoY change: -9.91%

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: 112,600 (October 2018), MoM change: +13.28%, YoY change: -3.18%

Source: U.S. Census Bureau

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