Nationwide Insurance’s chief economist, David Berson, released his monthly outlook report on Monday, analyzing some highlights on housing.
Led by house prices that grew by 12% over the past year, housing data was all across the board, said Berson. With multi-year highs, both new and existing home sales rose in May.
Leading indicators of housing activity showed continued strength in May and June, according to Berson, suggesting rising home sales in the months ahead.
Both the National Association of Home Builders NAHB/Wells Fargo (WFC) Housing Market Index and the National Association of Realtors Pending Home Sales Index rose substantially in June.
The Mortgage Bankers Association purchase index in the MBA Applications Survey had remained nearly unchanged over the past two months, which indicates that the mortgage rate spike that began in mid-May has had little impact thus far on sales activity. However, refinance applications have plummeted.