January Existing Home Sales: An Ominous Start to 2018
Sales were down 4.8 percent annually, the largest year-over-year drop since November 2015. The median seasonally adjusted price of existing homes sold in January surged to a new all-time record, increasing by 1.8 percent to $255,500, up 5.7 percent over the year.
Rapid Reaction: January Existing Home Sales
January existing home sales fell 3.2 percent from December to 5.38 million (SAAR), the second weak month in a row. January sales were down 4.8 percent from a year ago, the largest annual decline since August 2014.
January Home Sales Forecast: Edging Higher Into 2018
Facing strong headwinds from low and contracting for-sale inventory, existing home sales have plateaued over the past year at around three-quarters of the highs reached at the peak of the last housing cycle.
Inflation Data Pushes Mortgage Rates Higher After Days of Stability
The average prime 30-year fixed mortgage rate quoted on Zillow increased by almost 10 basis points on Wednesday to 4.27 percent, touching their highest levels since April 2014.
Climbing Mortgages Rates Tempered by Market Volatility
An increase in mortgage rates was driven by the combination of financial market volatility, employment and wage growth data – further evidence of a strong U.S. labor market and stronger global economic growth. Those factors are expected to push the world’s major central banks to collectively tighten monetary policy for the first time in almost a decade and a half.
Economy’s Strength, Future Deficit Prospects Drive Mortgage Rates To Highest Level in a Year
For the second week in a row, the average prime 30-year fixed mortgage rate quoted on Zillow increased about 10 basis points over the past week, rising to 4.06 percent.
November Case-Shiller Results and December Forecast: Unseasonably Strong Demand
Demand from home buyers was unseasonably strong in the final months of 2017 – even in the face of full holiday schedules, low inventory, high competition and rising home prices – helping to push headline Case-Shiller indices somewhat higher than expected in November.
Rapid Reaction: Q4 2017 Homeownership Rate
After bouncing around near 50-year lows for the past few years, the national homeownership rate finally seems to be gaining sustainable, meaningful upward momentum.
December New Home Sales: Year Ends With a Decline, But Inventory Looking Up
New home sales fell sharply in December, and sales for the previous two months were revised sharply downward as well. The silver lining was that the number of new homes on the market experienced their largest month-over-month gain since April 2006.
Housing Data 101: Why Use the Zillow Home Value Index (ZHVI) Instead of a Median Sale Price Series
We recommend using ZHVI to track home values over time for the simple reason that ZHVI represents the whole housing stock and not just the homes that list or sell in a given month.
