MarketMinute | Home sales & prices are on the rise again!
Orders for big-ticket items slipped last month as manufacturers continued to navigate a supply chain crunch that has resulted in higher materials costs and longer delivery times. |
The economy grew at a robust 6.6% annual rate last quarter, slightly faster than previously estimated, pointing to a sustained consumer-led rebound from the pandemic recession. |
Initial unemployment claims were little changed over the past week, hovering around pandemic-era lows and showing further signs of job market healing. |
Existing home sales rose for the second straight month and were barely higher than in July 2020. The median price of an existing home sold was $359,900, up 18% from last year. |
New home sales crept up in July, rising 1% over last year. Builders have struggled to take advantage of demand, hampered by soaring lumber prices and building materials shortages. |
Mortgage applications increased last week, with purchase applications posting their largest rise since early July. Refinance applications were also up slightly for the week. |