10/24: MetroIntelligence Economic Update by P. DUFFY

September existing home sales slip 2.2 percent from August but up 3.9 percent year-on-year

Following two months of increases, total existing-home sales fell 2.2 percent from August to a seasonally adjusted annual rate of 5.38 million in September. Still, overall sales were up 3.9 percent from a year ago. The median existing-home price for all housing types in September was $272,100, up 5.9 percent year-on-year. Total housing inventory at the end of September was 1.83 million, about the same as in August, but down 2.7 percent year-on-year.



August FHFA House Price Index up 0.2 percent from July and 4.6 percent year-on-year

The FHFA House Price Index (HPI) reported a 0.2 percent increase in U.S. house prices in August from July, and were up 4.6 percent year-on-year.  For the nine census divisions, seasonally adjusted monthly price changes from July 2019 to August 2019 ranged from -0.8 percent in the East South Central division to +0.9 percent in the New England division.  The 12-month changes were all positive, ranging from +3.9 percent in the Middle Atlantic and Pacific divisions to +6.5 percent in the Mountain division.



September new home mortgage applications dip 7.6 percent from August, but up 34.2 percent year-on-year

Mortgage applications for new home purchases in September decreased 7.6 percent from August, but were up 34.2 percent year-on-year. By product type, conventional loans composed 69.2 percent of loan applications, FHA loans composed 18.4 percent, RHS/USDA loans composed 0.9 percent and VA loans composed 11.6 percent. The average loan size of new homes decreased from $332,497 in August to $330,807 in September.