Housing continues to hold strong and accelerate. The Federal Housing Finance Agency (FHFA) Housing Price Index, measuring prices on single-family homes with conforming loan amounts, for October rose 0.5% from the month prior and is up 6.6% year over year.
Existing Home Sales were up 5.6% in November at the best level in 11 years! Homebuyers refuse to let inventory keep them out of the market. Homes were on the market for an average of 40 days but 44% of homes sold in November were on the market for less than a month.
Detroit, MI ranked No. 11 on Hottest Markets of 2017. California held 11 of the top 20 spots.
Mortgage Applications for last week were down 4.9% overall despite the slight dip in rates.
Initial Jobless Claims for last week reported at 245K.