MetroIntelligence Economic Update by P. DUFFY
New home sales jump 11.9 percent in December but down 14.0 percent year-on-year
Sales of new single‐family houses in December 2021 were at a seasonally adjusted annual rate of 811,000. This is 11.9 percent above the revised November rate of 725,000, but is 14.0 percent below the December 2020 estimate of 943,000. There were 403,000 new houses for sale at the end of December, representing a supply of 6.0 months at the current sales rate, the lowest since last May. However, while the median sales price fell 9.2 percent to $377,000 from December as buyers seek out more affordable homes, it was still up 3.4 percent year-on-year.
Annual growth in Case-Shiller Index slows to 18.8 percent in November
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported an 18.8% annual gain in November, down from 19.0% in the previous month. The index rose 1.1% from October, up slightly from 1.1% the previous month.
Purchase loan apps fall 2 percent from previous week, down 11 percent year-on-year
The Market Composite Index for mortgage apps decreased 7.1 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 2 percent (and down 11 percent year-on-year) and refinance activity falling 13 percent (and down 53 percent year-on-year).