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MarketMinute | The Housing Market is Setting Records

Aug 5
2:51
AM
Category | Markets in a Minute

  • The Fed's preferred inflation gauge, the PCE price index, rose 6.8% in June, the biggest annual move since 1982.
  • Manufacturing activity continued to cool in July. More factories dialed back production in the face of shrinking orders and rising inventories.
  • Despite signs of a slowing economy, the labor market remains in good shape. Last week's jobless claims came in at 260K, in line with estimates.

  • Construction spending tumbled in June. Outlays on single-family homebuilding declined sharply amid rising mortgage rates.
  • Total mortgage demand increased 1.2% last week as the average 30-year fixed mortgage rate made the largest weekly drop since 2020.
  • The median price of an existing home sold in June set yet another record at $416K, an increase of 13.4% year over year.

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