Data

Citigroup reported Monday profits of $3.9 billion in Q1, just barely edging out last year’s income of $3.8 billion. Gains were more impressive when put next to Q4’s earnings, which disappointed at $2.5 billion. The gain came despite a year-over-year drop in total revenues, which were down 1 percent to $20.1 billion as a result of declines in fixed income markets revenues and lower refinancing activity.

Consumer confidence reached a four-month high in April, according to the University of Michigan’s preliminary measure of consumer sentiment for the month. After taking a hit in March, the index rebounded to 82.6 in April, prompting one analytics firm to anticipate a possible return in consumer confidence to a long-term normal of 85. The university also measures current conditions and expectations, finding upticks in both this month.

According to the Pennsylvania Association of Realtors (PAR), overall home sales in the state declined 6 percent in the first quarter compared to the same time in 2013. PAR’s data shows there were 24,250 closed sales in Q1. Kim Skumanick, PAR president, attributed at least some of last quarter’s buyer/seller reluctance to adverse weather conditions.”

Despite a low inventory, single-family home sales are up 2.6 percent overall this year in Connecticut, with a 2.8 percent increase in February of this year from last year, according to the Warren Group. "We see many signs of a healthy real estate market in Connecticut," said Timothy M. Warren Jr., CEO. "We are in the third year of recovery from the crash in real estate and financial markets. People are interested in real estate once again."

Trulia found that month-to-month asking prices nationally in urban markets rose 1.2 percent in March. Quarter-to-quarter, prices rose 2.9 percent in March, reflecting three straight months of solid month-over-month gains. Both calculations were seasonally adjusted. More encouraging is that asking prices are up a full 10 percent since last year, rising in 97 of the 100 largest metros.

According to Redfin’s latest Real-Time Demand Pulse—a monthly analysis of tour and offer activity across 23 U.S. markets—homebuyer demand bounced back in March, showing promise after months of little activity. While the pickup in buyer interest bodes well for the spring and summer seasons, Redfin analyst Ellen Haberle noted March's data should be taken with a grain of salt.

ZipRealty released Tuesday its list of the top 10 most affordable housing markets of 2014, ranking Chicago as the No. 1 affordable metro. Based on median home sales price data and estimated family income, ZipRealty calculated an Affordability Index of 2.2 for the Windy City, meaning homes are available for just more than twice the annual average household income ($72,400 against a median price of $160,000).

The Mortgage Bankers Association’s (MBA) Mortgage Credit Availability Index (MCAI) increased 0.44 percent last month to 114.0, the group reported Tuesday, indicating a loosening of credit. “Consistent with past months, many lenders and investors are providing borrowers seeking higher loan amounts with a broader range of financing options by introducing new jumbo loan programs,” explained MBA chief economist Mike Fratantoni.

Since 1998, second-home mortgages have averaged about 4.76 percent of the total purchase market, but the share is rising, according to Fannie Mae. While the purchase market increased four-fold from 1998 through the bubble years, the second-home mortgage market multiplied by 15 over the same years. The second-home mortgage market did decline significantly during the housing downturn, but today, it’s alive and well.

In an analysis gauging the recovery’s progress, Fitch Ratings listed harsh winter weather across the country as one of the biggest factors moderating the housing recovery, though higher interest rates and home prices have also provided some drag. Affordability will likely only deteriorate. Looking at 2014, Fitch expects new home prices to rise between 2.5–3.5 percent, with existing-home prices also moving up.