The National Association of Realtors® reported that total existing home sales recorded a 0.2% increase in May from April to a seasonally adjusted rate of 4.30 million homes. Year-over-year, sales are down 20.4%.
News in end use
Fixed Mortgage Rates Creep Lower in the Week Ending June 22nd
The 30-year fixed-rate mortgage averaged 6.67%, down from last week when it averaged 6.69%. A year ago at this time, the 30-year FRM averaged 5.81%.
US Leading Economic Index® Declined Further in May, The Conference Board Reports
The Conference Board Leading Economic Index® (LEI) for the US declined 0.7% in May to a reading of 106.7 (2016=100), after posting declines of 0.6% in April and 1.2% in March. The LEI has dropped 4.3% over the six-month period from November 2022 to May.
US Weekly Jobless Claims Unchanged in the Week Ending June 17th
The advance figure for seasonally adjusted initial unemployment claims was 264,000 during the week ending on Saturday, June 17th. This is unchanged from the previous week’s revised level. The 4-week moving average was 255,750—an increase of 8,500.
Number of US Homes For Sale Declines Year-Over-Year in May, Reaching The Lowest Level Since 2012
Redfin reported that in May the number of homes for sale in the US declined 7.1% year-over-year to 1.4 million units on a seasonally adjusted basis. That is the lowest level in Redfin’s database, which dates back to 2012.
Freddie Mac Releases Its Multifamily Apartment Investment Market Index for Q1
Multifamily investment increased by 5.3% in Q1 but decreased year-over-year, with the annual index down 16.6%. The Index’s quarterly increase nationwide and in all 25 markets was a sharp reversal from last quarter’s drop.
Mortgage Applications Rise in the Week Ending June 16th—The Third Consecutive Increase
According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume rose 0.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 1.0%.
Shares of Mortgage Loans in Forbearance Declined Further in May
According to the Mortgage Bankers Association, the total number of loans now in forbearance decreased 2 basis points from 0.51% of servicers’ portfolio volume in April to 0.49% as of May 31st. The MBA estimates that 245,000 homeowners remain in forbearance plans.
US Housing Starts, Permits, and Completions All Increase Month-Over-Month in May
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7% above the revised April estimate of 1,340,000 and 5.7% above the May 2022 rate of 1,543,000. Single-family housing starts were at a rate of 997,000; this is 18.5% above the revised April figure of 841,000.
Mortgage Applications for New Home Purchases Increased Month-Over-Month and Year-Over- Year in May
The Mortgage Bankers Association reported that mortgage applications for new home purchases in May increased 8.0% month-over-month and were up 16.6% year-over-year. This change does not include any adjustments for seasonal patterns.