1/24: MetroIntelligence Economic Update by P. DUFFY

December existing home sales declined 6.4 percent from November and 10.3 percent year-on-year

December total existing-home sales decreased 6.4 percent from November, following two months of small increases. Although sales were down 10.3 percent from a year ago, the median sales price still rose 2.9 percent year-on-year to $253,600.

FHFA: November House Price Index up 0.4 percent from October and 5.8 percent year-on-year

The FHFA House Price Index (HPI) reported a 0.4 percent increase in U.S. house prices in November from the previous month, and was up 5.8 percent year-on-year.

Mortgage applications dip 2.7 percent, but purchase loans up 4.0 percent

The Market Composite Index decreased 2.7 percent on a seasonally adjusted basis from one week earlier, with purchase loans up 4.0 percent and refinances falling 5.0 percent. The average contract interest rate for 30-year fixed-rate mortgages increased one basis point to 4.75 percent.