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MarketMinute | Home Prices Rise While Homeowners Stay Put

Nov 3

4:07

AM

Category | Markets in a Minute

The Fed maintained the current policy rate at its November meeting and signaled the cycle of increases may be ending.

Despite a booming economy, consumer confidence dropped for the 3rd straight month amid persistent inflation worries.

Jobless claims rose for the 6th week, signaling the labor market may be cooling. However, job opening data showed layoffs at a 9-month low.

Housing News

According to ICE, home prices set a record in August for the 4th consecutive month. Prices rose 0.68% over July's level.

The homeownership rate held steady at 66% in the 3rd quarter, according to the Census Bureau. The rate is 3.2% lower than its 2004 peak.

Only 562K single-family homes are on the market, far fewer than in any recent year. However, listings were up 1.5% for the week.

MarketMinute | How much would you pay for a haunted house?

Oct 27

3:05

AM

Category | Markets in a Minute

The economy grew at the fastest pace in nearly 2 years last quarter, fueled by a surge in consumer spending and cooling inflation.

Initial jobless claims rose slightly last week but were still in ultra-low territory, staying near lows last seen in January.

The federal government finished its fiscal year in September with a $1.7 trillion deficit, fueling rising bond yields and higher mortgage rates.

Housing News

New home sales surged by 12%, reaching their highest level in more than a year. Median home prices fell as builders wooed buyers with discounts.

Pending home sales also rose in September, despite higher mortgage rates. Sales were still down 11% from last year due to tight inventory.

24% of Americans surveyed by allstarhome.com would buy a haunted home and pay an average $250K. 16% believe their own home is haunted.

MarketMinute | Multifamily Construction Takes the Lead!

Oct 20

4:12

AM

Category | Markets in a Minute

Consumer retail spending grew for the 6th straight month in September, coming in much higher than expected.

The Fed's October Beige Book described economic growth as stable or slightly weaker, with easing inflation and a loosening job market.

However, jobless claims dipped again last week, indicating the labor market remains tight and could contribute to continuing inflation.

Housing News

Homebuilder confidence fell in October to the lowest levels since January. High mortgage rates are dampening builder optimism.

New U.S. home construction rose in September, led by an uptick in multifamily groundbreakings. Permits for single-family homes also rose.

September's existing home sales dropped to the slowest pace since October 2010, down more than 8% from a year ago.

MarketMinute | What's most concerning to home buyers?

Oct 13

4:03

AM

Category | Markets in a Minute

According to minutes from last month's Fed meeting, officials see a need for ‘restrictive’ policy and higher rates until inflation eases.

Wholesale inflation rose more than expected last month. Consumer inflation met expectations but is still higher than the Fed's goal.

Jobless claims remained at historically low levels last week. The job market remains strong in the face of higher interest rates.

Housing News

In a Fannie Mae survey, high mortgage rates surpassed home prices as the top reason consumers think it’s a bad time to buy a home.

The NAHB, NAR and MBA penned a letter urging the Fed to stop raising policy rates, voicing concerns about the housing market impact.

The level of ARM applications increased by 15% last week. ARMs comprised 9.2% of all apps, the highest share since November 2022.

MarketMinute | Construction spending is a bright spot in housing news

Oct 6

3:38

AM

Category | Markets in a Minute

The number of job openings jumped unexpectedly in August. Labor market strength continues despite the Fed's rate hikes.

Manufacturing data showed improvement for the 3rd straight month in September, a sign that the worst may be over for the sector.

However, the services sector slowed in September, as new orders fell to a 9-month low. Still, the pace was consistent with solid economic growth.

Housing News

Residential construction spending increased 0.6% in August. Private sector spending for single-family homes rose 1.7%.

Climbing interest rates led to a 6% drop in mortgage applications last week. Apps fell to the lowest level since 1996.

The CFPB says lenders denied loan applications due to “insufficient income” more often last year than any time since tracking began in 2018.