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MarketMinute | Is greater supply bringing prices down?

Jul 26

5:14

AM

Category | Markets in a Minute

Economic growth accelerated by more than forecast in the 2nd quarter. The 2.8% initial reading doubled the 1st quarter's 1.4% growth rate.

Jobless claims remained above 220K for the 9th straight week. The 4-week continuing claims average rose to its highest level since December.

Markets continue to speculate the Fed will not cut its policy rate at next week's meeting but will start reducing rates in September.

Housing News

Home prices continued their rise and set a new high in June. The median price of an existing home increased 4.1% to $426,900.

June's existing home sales were down, marking the slowest pace since December. Inventory jumped 23.4% from a year ago to a 4.1-month supply.

New home sales also fell last month, hitting a 7-month low. Pundits blame the ongoing challenges from higher mortgage rates and home prices.

MarketMinute | Is the housing market becoming more buyer friendly?

Jul 12

3:11

PM

Category | Markets in a Minute

Consumer inflation data in June saw core prices rise 0.1%, the smallest gain since August 2021, supporting Fed policy rate cuts later this year.

In his remarks to Congress, Fed Chair Powell acknowledged the labor market is showing signs of softening, also supporting Fed policy rate cuts.

Applications for unemployment dropped more than expected last week to the lowest level since late May but still came in at 222K for the week.

Housing News

Realtor.com reported 2 buyer-friendly shifts in June: continued rising inventory and 2 days longer on the market for median homes.

Single-family rents have risen by 39.6% since the pandemic began in March 2020 and are showing signs of increasing further.

The median gross income for Realtors with at least 16 years of experience rose from $80,700 in 2022 to $92,500 in 2023, according to the NAR.

MarketMinute | House prices are still on the rise

Jun 28

5:28

AM

Category | Markets in a Minute

According to the Fed, the excess savings Americans stored away during the pandemic ran dry months ago, and the economy is feeling the effects.

Consumer confidence fell in June amid worries about the economy, though households remained upbeat about the labor market and inflation.

Total unemployment claims rose to the highest level since 2021, a warning sign unemployed workers need longer to find a job.

Housing News

According to the FHFA, house prices rose 0.2% for the month in April and were up 6.3% on the year.

New home sales, which make up about 10% of the market, fell to a 6-month low in May. It was the steepest monthly decline since Sept 2022.

Pending home sales unexpectedly fell to an all-time low in May, as elevated mortgage rates and rising home prices discouraged buyers.

MarketMinute | How are rates impacting new home construction?

Jun 21

3:32

AM

Category | Markets in a Minute

Retail sales rose 0.1% in May, coming in weaker than expected as consumers continued to wrestle with stubbornly high levels of inflation.

New jobless claims fell from their 10-month high last week, but continuing claims rose for the 7th straight week.

Fed officials continue to signal that rate cuts aren't likely until more data supports trends toward cooler inflation and higher unemployment.

Housing News

New home construction slumped in May to its slowest pace in 4 years. Higher mortgage rates sapped the momentum gained earlier this year.

Building permits fell in May to the weakest level since June 2020. Permits for single-family homes dropped for the 4th straight month.

Purchase mortgage apps were up 2% for the week, though down 12% from a year ago. Tight supply and higher rates have slowed home sales.

MarketMinute | What's most surprising to new homeowners?

Jun 14

4:05

AM

Category | Markets in a Minute

Wholesale inflation unexpectedly declined the most in 7 months, adding to evidence that inflationary pressures are moderating.

Inflation cooled more than expected in May, dropping for the second straight month. Prices were flat for the first time since July 2022.

The Fed left its policy rate unchanged at this month's Fed meeting and signaled it may cut rates 1 or 2 times by the end of the year.

Housing News

Anji.com found 19% of owners were most surprised by the cost of improvements during the first 6 months in their new home.

Total mortgage applications surged nearly 16% for the week, with purchase apps rising 9%.

In Fannie Mae's May survey, 86% of consumers believed now is a bad time to buy a home, while 64% said now is a good time to sell.