MetroIntelligence Economic Update by P. DUFFY
New home sales rise 14.0 percent in September but down 17.6 percent year-on-year
Sales of new single‐family houses in September 2021 were at a seasonally adjusted annual rate of 800,000, up 14.0% from August but down 17.6% year-on-year. The seasonally‐adjusted estimate of new houses for sale at the end of September was 379,000. This represents a supply of 5.7 months at the current sales rate, down from 6.5 months in August but up from 3.5 months in September 2020. The median sales price rose to a record high of $408,800, up from $401,500 in August and $344,400 in September 2020.
Case-Shiller Home Price Index up 1.4 percent in August and 19.8 percent year-on-year
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.8% annual gain in August, remaining about the same as the previous month. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.4%.
Purchase loan applications up 4 percent from previous week, but down 9 percent year-on-year
The Market Composite Index for mortgage applications increased 0.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 4 percent (but down 9 percent year-on-year) and refinance activity falling 2 percent (and down 26 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 3.30 percent from 3.23 percent.