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MarketMinute |

Nov 22

2:01

AM

Category | Markets in a Minute

Housing News

MarketMinute | A crystal ball into the 2025 market? See what one economist predicts

Nov 15

8:55

AM

Category | Markets in a Minute

October consumer inflation data was in line with expectations. Housing costs pushed the rate up but showed signs of moderating.

Wholesale inflation also came in as expected for October, keeping the Fed on track to cut the policy rate at its December meeting.

Last week's jobless claims hit the lowest level since May, signaling a still-healthy demand for workers after recent storms and strikes.

Housing News

Purchase mortgage applications rose 2% for the week and were 1% higher than one year ago.

ICE reports home sale inventory improved for the 8thmonth in September, up 24% year over year but down 26% from pre-pandemic levels.

Lawrence Yun, NAR’s chief economist, predicts existing home sales will rise 9% and new home sales will jump by 11% year over year in 2025.

MarketMinute | How are older Americans impacting the market?

Nov 8

2:03

AM

Category | Markets in a Minute

October's jobs report showed only 12K new jobs were created versus the expected 100K, yet unemployment remained at 4.1%.

Jobless claims increased slightly last week but remained below expectations. The 4-week average fell, indicating a stable labor market.

Stocks continued to surge to record highs. All 3 major indexes reached record levels as investors bet on lower taxes and deregulation.

Housing News

Purchase mortgage applications dropped 5% last week but were still up 2% over the same week a year ago.

A recent MBA-RIHA report shows more homeowners ages 70+ are staying in their homes, contributing to the supply shortage.

ICE reported the average homeowner with a mortgage had $319K in equity at the end of October, for total of $17.2 trillion among the cohort.

MarketMinute | Did Apps Go Down As Rates Went Up?

Nov 1

2:21

AM

Category | Markets in a Minute

Consumer confidence grew in October at its fastest single-month pace since March 2021.

Inflation increased slightly in September, according to the Fed’s favored PCE index. The 12-month rate was 2.1%, near the Fed target.

Job openings in September fell to a 3-1/2 year low, and August's data was revised downward, pointing to a future easing in labor market conditions.

Housing News

Due to a September dip in rates, pending home sales jumped a surprising 7.4% for the month, the highest level since March.

The FHFA reported a 0.3% monthly gain in home prices in August, though the annual growth rate dropped to 4.2% from 4.7% in July.

Last week’s rising mortgage rates did not inhibit purchase mortgage apps, which rose 5% for the week and were 10% higher than a year ago.

MarketMinute | How is the election impacting home sales?

Oct 25

4:10

AM

Category | Markets in a Minute

Economic activity has remained flat in most parts of the U.S. since early September, according to the Fed's survey of regional business contacts.

Household debt totaled $20.2 trillion through the 2nd quarter. The current debt delinquency rate is 2.74%, the highest in nearly 12 years.

Initial jobless claims fell for the 2nd straight week, but continuing claims increased to nearly 1.9 million, the most in 3 years.

Housing News

New single-family home sales jumped 4.1% to 738K in September, 6.3% higher than a year ago. The median sales price was $426,300.

Existing home sales, however, fell to a 14-year low. Buyers pulled back amid uncertainty over the upcoming election and higher mortgage rates.

Mortgage applications fell to the lowest level since July as rates moved higher. Purchase apps dropped 5%, and refi apps were down 8%.