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MarketMinute | House prices are still on the rise

Feb 2

2:51

AM

Category | Markets in a Minute

Consumer confidence reached its highest level since December 2021 and was up more than 30% since its April 2020 low.

Job openings rose to a 3-month high in December. The continuing demand for workers demonstrates labor market strength.

The Fed left policy rates unchanged at this week's FOMC meeting but signaled a willingness to cut rates as data confirms inflation is cooling.

Housing News

A Harvard study showed rent costs have fallen from prior record highs and are now rising at a significantly slower pace of less than 1% annually.

The FHFA’s House Price Index reports growth in November at a seasonally adjusted rate of 0.3% for the month and 6.6% year over year.

After rising for several weeks, total mortgage application volume dropped 7.2% for the week. Purchase apps fell 11%, while refi apps increased 2%.

MarketMinute | New home sales are up and new mortgage payments are down

Jan 26

4:01

AM

Category | Markets in a Minute

The economy grew faster than expected in the 4th quarter, fueled by strong consumer spending and defying predictions of a recession in 2023.

Initial jobless claims rose 25K last week to 214K. Although that is the highest level in a month, it still signals a strong labor market.

Orders for durable goods, or products made to last at least 3 years, were unchanged in December. Economists had expected a slight increase.

Housing News

New home sales surged 8% in December and were up 4% in 2023, even as higher mortgage rates and limited supply pressured the housing market.

Affordability improved in December according to the MBA. Borrowers applied for mortgages with payments 3.8% lower than in November.

Redfin reports pending home sales fell 8% year over year in December. The biggest decline in 4 months was partly due to winter weather.

MarketMinute | How are recent rate drops affecting builders and buyers?

Jan 19

3:12

AM

Category | Markets in a Minute

Retail sales rose at the strongest pace in 3 months in December, topping expectations for holiday shopping and signaling a resilient economy.

The Fed’s latest Beige Book snapshot of the economy reported little or no change in economic activity for December through early January.

The labor market continues to show resiliency. Last week's jobless claims posted an unexpected drop to the lowest levels since September 2022.

Housing News

Homebuilder sentiment improved for the 2nd straight month in January and is now at the highest level since September.

Housing starts fell sharply in December, the first drop in 4 months. Permits for future construction were up though, increasing 1.7%.

Mortgage applications started the year off strong as rates dropped. Overall apps were up 10.4%, with purchase apps rising 9% for the week.

MarketMinute | How does today's housing inventory compare to last year's?

Jan 12

3:32

AM

Category | Markets in a Minute

Consumer inflation came in slightly higher than expected, led by housing costs. However, the pace of core inflation slowed a little.

Jobless claims dropped to 202K last week, coming in less than expected at the lowest level since October.

Markets continue to price in the likelihood of a March Fed rate cut, despite Fed officials’ signals they will hold rates longer.

Housing News

A recent Fannie Mae survey showed more consumers think it is a good time to buy a home. More also expect rates to fall in 2024.

Altos Research reports there are currently 499K unsold single-family homes on the market, 6% more than this time last year.

Mortgage apps increased 9.9% for the week on a seasonally adjusted basis, with refi apps up 19% and purchase apps 6% higher.

MarketMinute | Agents Greet 2024 With Optimism

Jan 5

3:02

AM

Category | Markets in a Minute

Minutes from the Fed's last meeting suggest the policy rate could remain higher "for some time" until inflation moves lower.

Demand for workers fell to its lowest level in more than 2½ years in November, while hiring and layoffs both slowed.

Manufacturing contracted in December. The pace of decline slowed amid a modest rebound in production and improvement in factory employment.

Housing News

As mortgage rates fell to end the year, refi apps were 15% higher than the same week a year ago. Purchase apps were down 12% year over year.

Homeowners insurance premiums are up about 35% from 2 years ago, Policygenius says. Insurers continue to leave disaster-prone states.

Realtrends reports more than half of agents are optimistic about the 1st quarter housing market. Most expect sales to increase more than 5%.