2/28: MetroIntelligence Economic Update by P. DUFFY

January Pending Home Sales rebounded 4.6 percent from December, still down 2.3 percent year-on-year

The Pending Home Sales Index increased 4.6 percent to 103.2 in January, up from 98.7 in December. Year-over-year contract signings, however, declined 2.3 percent, making this the thirteenth straight month of annual decreases.

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December Case-Shiller Index annual gain slips to 4.7 percent

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 4.7% annual gain in December, down from 5.1% in the previous month and the lowest annual gain since August 2015.  Between November and December, the index rose 0.1 percent.

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Mortgage applications rise 5.3 percent, rates slip slightly

The Market Composite Index increased 5.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 6.0 percent and refinance activity rising 5.0 percent. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.65 percent.

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