Mortgage Rates Touch Highest Levels in Four Years
After flatlining for much of the past two months, mortgage rates again moved definitively upward over the past week, touching their highest levels since January 2014.
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February Case-Shiller Results and March Forecast: Home Prices Pushed Higher by Inventory Crunch
The kind of sustained, rapid home price growth we’ve been seeing in Case-Shiller and other indices for the past few years is enough to give home buyers of all stripes a headache. And don’t expect things to slow down any time soon.
March New Home Sales: Inventory Maintains Earlier Gain
The median seasonally adjusted price of new homes sold in March increased by 2.1 percent from February to $336,100, a new all-time high beating the previous record of $334,900 reported in November 2017.
Rapid Reaction: March New Home Sales
March new home sales rose 4 percent from February and 8.8 percent from a year ago, to 694,000 units (SAAR), according to the U.S. Census Bureau. Data from the prior three months was also revised up by a combined 152,000 units.
Rapid Reaction: March Existing Home Sales
March existing home sales rose 1.1 percent from February, to 5.6 million (SAAR), according to the National Association of Realtors. Sales were down 1.2 percent from a year ago.
Economic Strength Continues to Steady Mortgage Rates in the Face of Political Shocks
While geopolitical headlines temporarily seized markets’ attention – as they have time and time again over the past few years – underlying macroeconomic fundamentals continue to point to a reasonably strong U.S. economy.
March Home Sales Forecast: Damn the Weather
Wintry weather across much of the country in March kept home shoppers inside, compounding the headwinds from tight for-sale inventory and higher mortgage rates.
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