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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.

MarketMinute | How did Fed action impact mortgage rates?

Jul 29

5:49

AM

Category | Markets in a Minute

Inflation rose 9.1% in June, even more than the expected 8.8%. The increase seems to counter the narrative that inflation is peaking.

With inflation still increasing, there is talk that the Fed may raise policy rates a historic 1 percent at their July meeting.

The labor market remains strong despite recession concerns. Payrolls increased 372K in June, and wages rose 5.1% from a year ago.

Demand for mortgages declined for the 2nd week, led by a dip in purchase apps, which fell 4% from the previous week.

According to the Mortgage Bankers Association, the average purchase loan amount fell to $415K last week, down from a $460K high in March.

NAR's 2022 Member Profile showed that despite competition and low inventory, members’ median income rose $11K to $54,300 last year.

MarketMinute | The Fed May Raise Policy Rates By How Much?

Jul 15

3:29

AM

Category | Markets in a Minute

Inflation rose 9.1% in June, even more than the expected 8.8%. The increase seems to counter the narrative that inflation is peaking.

With inflation still increasing, there is talk that the Fed may raise policy rates a historic 1 percent at their July meeting.

The labor market remains strong despite recession concerns. Payrolls increased 372K in June, and wages rose 5.1% from a year ago.

Demand for mortgages declined for the 2nd week, led by a dip in purchase apps, which fell 4% from the previous week.

According to the Mortgage Bankers Association, the average purchase loan amount fell to $415K last week, down from a $460K high in March.

NAR's 2022 Member Profile showed that despite competition and low inventory, members’ median income rose $11K to $54,300 last year.

MarketMinute | Which front door color can add value to a home?

Jul 8

4:56

AM

Category | Markets in a Minute

Minutes from the Fed's June meeting showed it remains committed to bringing down inflation and will raise rates at the July meeting.

Jobless claims rose unexpectedly last week amid growing signs that demand for labor is cooling. Layoffs surged to a 16-month high in June.

It's a big week for jobs data, but investors will be missing the important ADP data report, as ADP is revamping it this summer.

The average cost for materials to build a single-family home jumped 42% from 2018 to 2021, adding thousands to the price of a new home.

A Zillow study found that a black front door is associated with higher offer prices, while pale pink could negatively impact value.

High prices driven by over-bidding and low inventory are being tempered as some sellers are now rolling back asking prices.

MarketMinute | Housing and Finance Report

Jul 1

4:03

AM

Category | Markets in a Minute

The Fed's preferred inflation gauge rose 4.7% in May from a year ago, slightly less than expected but still stubbornly high.

Factory orders for durable goods rose more than expected in May, suggesting business investment remains firm despite economic concerns.

Fed Chair Powell insisted this week that the Fed is not deliberately trying to cause a recession and that the economy is on solid footing.

Despite gloomy headlines and higher mortgage rates, new home sales unexpectedly rose in May and reversed a 4-month slide.

Year-over-year home prices rose 20.4% in April, slightly less than March and the first deceleration since November.

Pending home sales rose slightly in May, up 0.7% compared with April. That broke a six-month streak of declining demand.