Category | Markets in a Minute
Please enjoy this quick update on what happened this week in the housing and financial markets.
- Economic growth picked up slightly in the 3rd quarter, though slowing was initially reported. A stronger pace of inventory accumulation and a more gradual decline in business investment contribute.
- October's new orders for key U.S.-made capital goods increased by the most in 9 months, suggesting some stabilization in business investment after 2 straight quarters of contraction.
- Consumer spending rose in October for the 8th month in a row, potentially a good sign for the holiday shopping season.
- Pending home sales decreased 1.7% in October from the prior month but did rise 3.9% from a year earlier, the second highest pace since 2016.
- 3rd quarter home prices rose 4.9% over a year ago, the 33rd consecutive quarter of growth. Rising prices led the FHFA to raise the 2020 conforming loan limit by 5.38% to $510,400 (more in high cost areas).
- Over the last 2 months, buyers snapped up new homes at the fastest pace in more than 12 years, adding to signs of strong housing demand amid lower borrowing costs.