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2021 Weekly housing market monitor
June 28 - July 1 | National association of REALTORS

Weekly housing market monitor
Pending home sales bounce back 0.8% in May 2021

Pending home sales pulled a surprise lift in May, rising 8% from the prior month and 13.1% from
One year ago, the highest reading in May since 2005

The increase in pending home sales in May could be due to the decline in the 30-year fixed rates in May (2.96%) after rising above 4% in march and April as well as a slight increase in the inventory of homes

Weekly housing market monitor
Preliminary Data: New contract signings in past 4 weeks down 6% from one year ago

While pending home sales rose in May, that may be just a spike. Mortgage rates rose over 3$ and surging home prices deeply eroded home affordability. Preliminary data on contract signings indicate that new contract signings feel in June by 6.3% from one year ago.

Meanwhile, more new listing came on the market, with new listings in the past 4 weeks up 6.9% from one year ago.

Weekly housing market monitor
S&P CoreLogic Case-Shiller home price index shows home prices rose at highest annual pace of 15%

Home prices measured at a constant level of quality by using only repeat sales data rose 14.6% in April 2021, according to the S&P core logic case chiller index. This is the highest appreciation since October 1979(14.8%)*.

The fastest price gains were in Phoenix, San Diego, and Boston, with home prices up over 20%

Weekly housing market monitor
30 year fixed mortgage rate rises to over 3%; monthly mortgage payment up $276 from a year ago.

After hovering at below 3% for 4 weeks, the 30-year fixed mortgage rate rose to 3.02%, while 10-year T-note slightly fell to 1.50%

Chief Economist Lawrence Yun expects the 30-year fixed mortgage rate to move towards 3.5% by the end of 2021 and the inflation rate to average 2.7% in 2021. Even with higher inflation, the deal open market committee has kept the federal open market committee has kept the federal funds rate at 0 to 25 basis points as it sees the current inflation rate to be transitory, mainly from a temporary rebound in consumer spending

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