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MarketMinute | Is For-Sale Inventory On The Rise?

Sep 9

5:16

AM

Category | Markets in a Minute

The service industry picked up in August for the 2nd straight month, reinforcing the view that the economy is not yet in a recession.

Last week’s jobless claims hit a 3-month low, underscoring the robustness of the labor market despite the Fed’s rate increases.

Comments from multiple Fed officials showed they remain optimistic about the economy while still committed to battling inflation.

With rates reaching highs last seen in June, purchase mortgage apps were down slightly for the week and 23% lower than a year ago.

For-sale inventory is on the rise but not yet to pre-pandemic levels. August’s total active listings were 7.7% lower than in August 2020.

Homeowners are spending a median of $9,000 on bathroom renovations, according to a recent survey. That’s 13% higher than last year.

MarketMinute | How many sellers chose FSBO in 2021?

Sep 2

6:36

AM

Category | Markets in a Minute

Consumer confidence rebounded more than expected in August after 3 straight monthly declines, a positive sign for consumer spending.

Last week’s jobless claims fell to their lowest level since June, signaling labor market resilience amid a slowing economy.

Fed comments from Jackson Hole last week have led markets to expect a larger policy rate hike in September.

Purchase mortgage applications dropped 2% for the week and were 23% lower year over year. Refi apps also fell.

Despite talk of falling home prices, June’s prices were 18% higher than in June 2021, according to Case-Shiller.

The NAR reports FSBOs made up only 7% of home sales in 2021—the lowest share since 1981—even in the red-hot market.

MarketMinute | Are first-time buyers still in the market?

Aug 26

4:50

AM

Category | Markets in a Minute

New orders for durable goods increased in July, but the pace slowed from the prior month, suggesting a moderate rebound in business spending.

The economy shrank at a slightly slower pace in the 2nd qtr than initially reported, as inflation and higher interest rates weighed on spending.

Jobless claims fell for the 2nd week in a row, suggesting that employers are holding on to workers despite growing economic uncertainty.

New home sales fell for the 2nd straight month in July, reaching a 6-1/2 year low. Sales were down 12.6% from June and 29.6% from a year ago.

Pending home sales dropped 19.9% in July year over year and have fallen 8 of the past 9 months, as limited supply at lower price points slows sales.

Demand from first-time homebuyers appears to be increasing, though overall purchase mortgage applications fell 1% last week.

MarketMinute | How are builders feeling about the market?

Aug 19

3:41

AM

Category | Markets in a Minute

Last month’s Fed meeting minutes showed officials agreed on the need to eventually dial back the pace of policy interest rate hikes.

Consumer sentiment rose to a 3-month high in early August, indicating stronger expectations about the economy and personal finances.

Retail sales for July were flat compared with an anticipated 0.1% gain. Falling fuel prices helped drive retail spending.

Builder sentiment for the single-family homes market fell into negative territory in August, as builders and buyers struggle with higher costs.

Housing starts fell in July to the lowest level since early 2021. Construction of both single- and multi-family homes dropped by 10%.

Existing home sales fell nearly 6% in July compared with June and were down almost 20% year over year, hampered by tight supply.

MarketMinute | What's easing pressure on buyers?

Aug 12

4:42

AM

Category | Markets in a Minute

The consumer price index rose 8.5% in July from a year ago but was below expectations, due largely to slumping energy prices.

Wholesale prices also fell in July, down 0.5% from the previous month. It was the first wholesale price drop in 2 years.

Non-farm payrolls rose 528K in July, and the unemployment rate was 3.5%, easily beating estimates of 258K and 3.6%.

Fannie Mae’s Home Purchase Sentiment Index fell 2 points in July to 62.8, its lowest reading since 2011.

The total listing count grew by 2.5% in July, easing pressures on buyers. Days on market is still significantly shorter than pre-pandemic.

Purchase mortgage applications fell 1% for the week and 19% from a year ago. Refi apps rose 4% but were down 82% from last year.