Median home prices hit fresh record highs in the second quarter of 2019 as demand ramped up due in part to low mortgage rates. ATTOM Data Solutions reports that the single-family homes or condos sold for a median price of $266,000 in Q2 2019, up nearly 11% from the previous quarter and up 6.4% from a year ago. Todd Teta, chief product officer at ATTOM Data Solutions said, "With mortgage rates dipping to new lows, it’s no surprise that people were wanting to buy a home, even if prices were at their peak. We expect to see milder home prices in the coming quarters.”
Mortgage rates edged higher in the latest week though they remain at multi-year lows. Freddie Mac reports that the 30-year fixed-rate mortgage rose six basis points in the latest week to 3.81% with an average 0.6 in points and fees. A year ago this time, the 30-year fixed-rate mortgage averaged 4.52%. Freddie Mac said that despite the uptick in rates, the improvement in housing demand should provide sufficient momentum for the housing market and economy during the rest of the year.
Manufacturing activity in the Philadelphia region surged in July, according to the Philadelphia Federal Reserve. The Philly Fed Index surged to 21.8 in July, well above the 0.3 recorded in June and above the 5.0 expected. All components within the reports rose while the employment gauge increased 15 points to 30.0, the highest reading since October 2017. In addition, the survey’s future indexes indicate that respondents continue to expect growth over the next six months.