1/23: MetroIntelligence Economic Update by P. DUFFY

December existing home sales rose 3.6 percent from November and 10.8 percent year-on-year

Total existing-home sales in December increased 3.6 percent from November and 10.8 percent year-on-year to a seasonally-adjusted annual rate of 5.54 million in December.   On a full-year basis, total existing-home sales ended at 5.34 million, the same level as in 2018. The median existing-home price for all housing types in December was $274,500, up 7.8 percent from a year ago.  Unsold inventory sits at a 3.0-month supply at the current sales pace, down from the 3.7-month figure recorded in both November and December 2018.



Mortgage applications dip 1.2 percent, rates remain unchanged

The Market Composite Index decreased 1.2 percent on a seasonally adjusted basis from one week earlier, with purchase loans down 2 percent (but up 8 percent year-on-year) and refinance activity also down 2 percent (but up 116 percent year-on-year).  The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged at 3.87 percent.