Housing Forecast: July 2017

16.1 16.2 16.3 16.4 17.1 17.2 17.3 17.4 18.1 18.2 18.3 18.4 2016 2017 2018

Housing Starts and Sales (SAAR, Thous. Units)

Housing Starts 1,153 1,158 1,150 1,248 1,238 1,172 1,220 1,255 1,290 1,330 1,340 1,350 1,174 1,221 1,328

 Single-Family (1 Unit) 787 756 761 834 839 812 825 850 900 940 960 980 782 831 945

 Percent Change: Year-over-Year 9.4% 6.4% 13.7%

 Multifamily (2+ Units) 367 401 389 414 399 360 395 405 390 390 380 370 392 390 383

New Single-Family Home Sales 526 562 588 568 619 601 621 642 662 678 690 704 561 621 684

 Percent Change: Year-over-Year 12.0% 10.7% 10.1%

Total Existing Home Sales (Single-Family, Condos and Co-Ops) 5,357 5,477 5,380 5,547 5,620 5,591 5,555 5,592 5,594 5,627 5,676 5,778 5,450 5,589 5,669

 Percent Change: Year-over-Year 3.8% 2.6% 1.4%

Total Home Sales (New + Existing) 5,883 6,038 5,968 6,115 6,239 6,191 6,175 6,234 6,255 6,305 6,366 6,482 6,011 6,210 6,352

 Percent Change: Year-over-Year 4.5% 3.3% 2.3%

Home Prices (NSA, Thous. $)

Median New 305 313 307 318 312 332 324 335 329 349 341 351 311 326 342

Median Total Existing 216 239 239 234 231 253 253 247 243 266 266 258 232 246 258

FHFA Purchase-Only Index (% Change: Quarterly YoY, Annual Q4/Q4) 6.1% 5.9% 6.2% 6.2% 6.0% 6.7% 6.1% 5.8% 5.4% 5.2% 5.3% 4.7% 6.2% 5.8% 4.7%

Mortgage Rates (Percent)

30-Year Fixed Rate Mortgage 3.7 3.6 3.4 3.8 4.2 4.0 4.0 4.1 4.1 4.1 4.2 4.2 3.6 4.1 4.2

5-Year Adjustable Rate Mortgage 2.9 2.8 2.8 3.0 3.2 3.1 3.3 3.3 3.4 3.5 3.5 3.6 2.9 3.2 3.5

Single-Family Mortgage Originations (NSA, Bil. $, 1-4 Units)

Mortgage Originations 373 505 599 574 392 455 440 362 306 424 428 383 2,052 1,649 1,541

 Purchase 189 291 311 270 204 310 307 262 208 328 335 290 1,061 1,083 1,160

 Refinance 184 215 288 304 188 145 133 100 98 95 94 93 991 566 381

Refinance Share (%) 49% 42% 48% 53% 48% 32% 30% 28% 32% 23% 22% 24% 48% 34% 25%

July 10, 2017

Note: Interest rate forecasts are based on rates from June 30 2017.

Note: Unshaded areas denote actuals. Shaded areas denote forecasts.

Sources: Actuals: Census Bureau, National Association of REALTORS®, Federal Housing Finance Agency, Freddie Mac, Federal Reserve Board. Forecasts: Fannie Mae Economic & Strategic Research

Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) group included in these materials should not be construed as indicating 

Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend 

on many factors. Although the ESR group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided 

in these materials is accurate, current or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. 

The analyses, opinions, estimates, forecasts, and other views published by the ESR group represent the views of that group as of the date indicated and do not necessarily represent the views 

of Fannie Mae or its management.

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