Real Estate News for the week of August 25th, 2014

Welcome to the Real Estate Report for the week of August 25th

The Mortgage Bankers Association saidits seasonally adjusted composite index of mortgage applications for the week ending August 15 rose 1.4% from the previous week. Purchase volume fell 0.4%. while Refinancing applications increased 3%.

The monthly National Association of Home Builders/Wells Fargo housing market index rose two points in August to 55 from a July reading of 53. An index reading above 50 indicates positive sentiment about the housing market.

Combined construction of new single-family homes and apartments in July rose 15.7% to a seasonally adjusted annual rate of nearly 1.1 million (1,093,000) units, compared to the revised June estimate of 945,000 units. Single-family starts increased 8.3%. Volatile multifamily starts rose 28.9%. Overall, housing unit starts were up 21.7% in July when compared to the previous year.

Existing home sales rose 2.4% in July to a seasonally adjusted annual rate of 5.15 million units. Compared this
activity to a year ago and we see existing home sales were down 4.3% in July of this year.

Consumer prices rose one tenth of a percent in July, following a 0.3% increase in June. Compared to a year ago, July consumer prices have risen 2%. Consumer prices at the core rate – if we subtract volatile food and energy prices – were up 0.1% in July.

Initial claims for unemployment benefits for the week ending August 16 fell by 14,000 to 298,000. Continuing claims for the week ending August 9 fell by 49,000 to 2.5 million. The less volatile four-week average of claims for unemployment benefits was 300,750.

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