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MarketMinute | Home prices move up despite higher rates

Aug 25

9:00

AM

Category | Markets in a Minute

Unemployment claims fell to the lowest level in 3 weeks, showing renewed labor force momentum and a healthy demand for workers.

Even with a resilient economy, small business confidence is back at an all-time low, according to a CNBC|SurveyMonkey Small Business Survey.

Credit card spending has propped up the economy but is showing signs of slowing, as consumers feel the pinch of higher rates.

Housing News

July home sales fell again as supply dropped to a 25-year low. The number of homes for sale at month’s end was 14.6% lower year over year.

Inventory woes are sending more buyers to new construction. New home sales hit a 17-month high in July, up 31.5% over last year.

Home prices continue to move higher. The median price of a home sold in July was $406,700, an increase of 1.9% from a year ago.

MarketMinute | New home sales take the lead

Aug 18

6:13

AM

Category | Markets in a Minute

Retail sales came in stronger than expected in July for the biggest gain in 6 months. Consumers continued to spend despite higher rates.

Wholesale prices rose more than expected in July. The increase countered recent signs of easing inflation pressures.

Minutes from last month's Fed meeting hinted at more rate hikes to come, as officials remained concerned about the pace of inflation.

Housing News

Housing starts for single-family homes surged in July. Permits for future construction also rose, despite climbing mortgage rates.

However, rate increases caused home builder sentiment to fall in August for the 1st time in 7 months, reaching the lowest level since May.

Apps to purchase newly constructed homes were up 36% annually in July. New homes accounted for a larger share of sales due to tight inventory.

MarketMinute | Why Will It Be Harder To Get Homeowners Insurance?

Aug 11

5:31

AM

Category | Markets in a Minute

June's Consumer Price Index shows inflation rose only 3.2% from a year ago, possibly deterring the Fed from raising policy rates in September.

Jobless claims rose last week to the highest levels in a month, coming in higher than expected and signaling some softening to the labor market.

Many experts are backing off their predictions of a looming recession, with the latest economic data pointing to a possible soft landing.

Housing News

Available home insurance policies have dropped 53% this year. Companies are exiting states where they can't raise premiums to cover rising costs.

According to Fannie Mae, consumers are gaining confidence in their personal financial situations but are still pessimistic about buying a home.

Mortgage rates rose last week before falling again, leading to a 3% drop in purchase apps. It was the 3rd consecutive weekly decline.

MarketMinute | How much is a starter home these days?

Aug 4

3:02

AM

Category | Markets in a Minute

ADP reports the private sector added 324K jobs in July, landing well above expectations and signaling labor market strength.

Manufacturing stabilized in July with a gradual improvement in new orders, though factory employment dropped to a 3-year low.

Job openings hit their lowest level since April 2021 in June, while layoffs nudged downward, suggesting a softening but resilient labor market.

Housing News

Construction spending increased solidly in June, boosted by outlays in both single- and multi-family housing projects.

Foreign buyers bought 14% fewer homes in the U.S. in the past year, the least since tracking started but at the highest median price of $396,400.

Redfin reports a first-time homebuyer would need to earn $64,500/year to afford the typical starter home, which sold for $243K in June.

MarketMinute | Discover Signs Of Housing Market Recovery

Jul 28

3:24

AM

Category | Markets in a Minute

Consumer confidence hit a 2-year high in July, as inflationary pressures eased and the economy continued to show resilience.

The Fed raised its policy rate this week to a 22-year high, as expected. Fed actions do not directly impact mortgage rates.

The economy picked up unexpectedly in the 2nd quarter, steering clear of a recession despite Fed rate hikes.

Housing News

The FHFA reported a 2.8% year-over-year home price increase in May. This was the 4th straight month of gains despite a jump in mortgage rates.

New home sales fell in June after 3 months of increases. The drop was attributed to tight inventory rather than lack of buyer demand.

Pending home sales rose in June for the first time since February, suggesting the housing market is recovering from recent declines.