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MarketMinute | How does today's housing inventory compare to last year's?

Jan 12

3:32

AM

Category | Markets in a Minute

Consumer inflation came in slightly higher than expected, led by housing costs. However, the pace of core inflation slowed a little.

Jobless claims dropped to 202K last week, coming in less than expected at the lowest level since October.

Markets continue to price in the likelihood of a March Fed rate cut, despite Fed officials’ signals they will hold rates longer.

Housing News

A recent Fannie Mae survey showed more consumers think it is a good time to buy a home. More also expect rates to fall in 2024.

Altos Research reports there are currently 499K unsold single-family homes on the market, 6% more than this time last year.

Mortgage apps increased 9.9% for the week on a seasonally adjusted basis, with refi apps up 19% and purchase apps 6% higher.

MarketMinute | Agents Greet 2024 With Optimism

Jan 5

3:02

AM

Category | Markets in a Minute

Minutes from the Fed's last meeting suggest the policy rate could remain higher "for some time" until inflation moves lower.

Demand for workers fell to its lowest level in more than 2½ years in November, while hiring and layoffs both slowed.

Manufacturing contracted in December. The pace of decline slowed amid a modest rebound in production and improvement in factory employment.

Housing News

As mortgage rates fell to end the year, refi apps were 15% higher than the same week a year ago. Purchase apps were down 12% year over year.

Homeowners insurance premiums are up about 35% from 2 years ago, Policygenius says. Insurers continue to leave disaster-prone states.

Realtrends reports more than half of agents are optimistic about the 1st quarter housing market. Most expect sales to increase more than 5%.

MarketMinute | Hope for the 2024 Housing and Finance Markets

Dec 29

4:56

AM

Category | Markets in a Minute

Investors are full of optimism for 2024 as the S&P 500 Index sits within striking distance of its first all-time high in nearly 2 years.

Initial jobless claims rose 218K last week, more than estimated but still consistent with a resilient labor market.

Inflation around the globe is slowing faster than expected. Experts say levels could return to normal in 2024 for the first time in 3 years.

Housing News

The FHFA reported home prices rose 6.3% year over year in October, faster than September’s 5.5% annual rate.

Pending home sales were unchanged for the month in November and 5.2% lower than the same time last year, according to NAR.

Fannie Mae forecasts a slow recovery for existing home sales next year after they hit a likely low point in October.

MarketMinute | Are Refinances Making a Comeback?

Dec 8

4:55

AM

Category | Markets in a Minute

Weakening demand spurred a 3.6% decline in factory orders in October, more than expected and the biggest monthly drop in more than 3 years.

Job openings slid to 8.7 million in October, below estimates and the lowest level since March 2021, signaling a loosening labor market.

Oil prices plunged to a 6-month low due to booming crude supplies. The drop helped push bond yields lower, supporting lower mortgage rates.

Housing News

Falling mortgage rates reignited refinancing activity. Refi apps were up 14% for the week and 10% year over year.

However, homebuyers are still battling high prices and low inventory. Purchase apps were down 0.3% for the week and 17% year over year.

Still, the housing market holds hope for 2024. Inventory is higher and more homes are under contract than at the end of 2022.

MarketMinute | Rates and inventory drive the housing market

Dec 1

4:14

AM

Category | Markets in a Minute

The Fed's preferred gauge of inflation as measured by personal spending increased 3.5% year over year in October, meeting expectations.

Consumer confidence rose in November after 3 straight monthly declines, though two-thirds of consumers think a recession is likely in 2024.

The Fed released data showing economic activity slowed in recent weeks as consumers pulled back on discretionary spending.

Housing News

New home sales fell last month, coming in below analysts' expectations. The drop was likely due to mortgage rates’ reaching a 2023 high.

Pending home sales also dropped in October, hitting a record low. Limited housing inventory added to the challenge of affordability.

However, mortgage rates have come down from October's highs. Purchase mortgage applications were up 5% for the week.