2/28: MetroIntelligence Economic Update by P. DUFFY

Pending home sales rose 5.2 percent in January and 5.7 percent year-on-year

The Pending Home Sales Index grew 5.2% to 108.8 in January. Year-over-year contract signings increased 5.7%. An index of 100 is equal to the level of contract activity in 2001.



January new home mortgage applications up 40.0 percent from December and 35.3 percent year-on-year 

Mortgage applications for new home purchases in January increased 35.3 percent compared from a year ago. Compared to December 2019, applications increased by 40.0 percent.



Mortgage applications edge up 1.5 percent as rates dip four basis points

The Market Composite Index increased 1.5 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 6.0 percent (and up 10.0 percent year-on-year) and refinance activity falling 1.0 percent (but up 152 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.73 percent from 3.77 percent.