July New Home Sales: The New Construction Cool Down Continues
As the tides of rising housing costs sweep buyers off the shore of the for-sale market, new home sales have been rapidly descending.
News
July Existing Home Sales: Discouraged Buyers Lead to Continued Decline in Sales
Discouraged buyers pulling back from the for-sale market, coupled with the ongoing inventory crunch, has caused existing home sales to plummet in July to the lowest rate in the last two years.
Buyers Gaining Time and Options as Housing Market Rebalances (July Market Report)
Competition is easing as inventory accumulates, leading the market back toward ‘normal’
Mortgage Rates Decline After Inflation Data Below Expectations
Mortgage rates declined slightly last week.Inflation data released last week came in below market expectations, resulting in interest rate declines and a rally in equity markets. Investors viewed this data as an indication that the Federal Reserve may not have to increase short term rates as much as previously estimated. While both consumer and producer prices showed increases in July, the rate of increase slowed substantially.
July Housing Starts: Builders Rethink Future Plans
The rebalancing of the housing market is causing builders to rethink their future plans.
Mortgage Rates Increase as Markets Respond to Conflicting Economic Data
Mortgage rates increased last week, reversing direction after several weeks of declines. Comments from Federal Reserve members early in the week started moving interest rates higher, as they messaged that there is still much work to be done in taming inflation.
Mortgage Rates Drop on Slowing Economic Activity
Mortgage rates dropped significantly last week. The Federal Reserve increased the federal funds target rate by 75 basis points at the July meeting, in line with market expectations.
Mortgage Rates Continue Fall While Investors Price in Recession Risk
Mortgage rates continued to move lower last week. While mortgage rates are still significantly higher than the beginning of this year, they have declined over 0.50% from highs in mid-June that were over 6.00%. Economic indicators last week pointed to slowing growth and continuing increases in initial jobless claims.
June New Home Sales: Builder Slow Down Meets Declining Sales
A June decline in new home sales was to be expected given recent market shifts and reported slump in homebuilder sentiment, but the reported value of 590,000 new home sales in June was way under consensus.
