All Posts Tagged: housing inventory

U.S. Outlook: What’s the current health of the housing market?

Scott Anderson
Chief Economist

Both new and existing home sales dropped sharply in April. So we thought now would be a good time to look at the health of the U.S. housing market, given the 66 basis point rise in 30-Yr mortgage interest rates since the beginning of the year.couple in foreground with toddler on man's shoulders as they look up a small incline to a big white house.

For more on this, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on May 25.

Key observations:
  • Existing home sales declined 2.5% to a seasonally adjusted annual rate of 5.46 million in April.
  • Total existing home inventory at the end of April was 1.80 million units, a 6.3% drop from a year ago. Existing home inventories have fallen year-over-year for 35 consecutive months.
  • Low inventory also is having a big impact on home prices and affordability. The median existing home price increased 5.3% year-over-year in April to $257,900, an increase in the median home price of 60% since July 2011.
  • We forecast a modest 0.7% increase in existing home sales in 2018, down from a 1.8% increase in 2017.

Read my full report.

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Numbers Count: Weekly mortgage data highlights

Chad Royle
Posted by Chad Royle
Mortgage Banking
Neighborhood in construction, with one home

Here’s my take on the key numbers on the housing market this week.

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