Housing Market and Economic News Update: July 26, 2024

Thompson Kane is dedicated to helping our community stay on top of the ever-changing landscape of the housing market and the economy. Let’s dive into the most recent developments:

This Week’s Housing Market News

• Property Values: Residential property values continue their upward trajectory, achieving a record-breaking milestone in June. The typical existing U.S. home now commands $426,900, reflecting a 4.1% year-over-year increase.
• Inventory Up/Transactions Down: The pace of existing home transactions slowed considerably in June, dropping to levels not seen since the previous winter. However, available housing stock surged by nearly a quarter compared to last year, providing 4.1 months of inventory.
• New Construction: The market for newly constructed homes also experienced a downturn, reaching its lowest point in seven months. Industry experts attribute this decline to the ongoing challenges posed by escalating borrowing costs and inflated property prices.

This Week’s Economic Highlights

• Q2 Growth: The economy showed unexpected vigor in Q2, with growth figures doubling expectations and reaching 2.8%, a significant leap from Q1’s modest 1.4% expansion.
• Employment: Labor market concerns persist as unemployment filings remain elevated, surpassing 220K for over two months. The rolling four-week average of ongoing benefit claims hit its peak since last December. 
• Interest Rates: Financial analysts anticipate the Federal Reserve will maintain current interest rates at their upcoming meeting, with predictions of rate reductions beginning in the fall.

Keeping you up-to-date with the constantly changing housing market

At Thompson Kane, we understand the importance of staying ahead in a rapidly changing market. Our goal is to equip you with the latest insights to help you make informed decisions and confidently navigate your business and financial endeavors. For more frequent updates, follow the Thompson Kane Newsfeed and connect with us on Facebook for bi-weekly news and valuable content. Your success is our priority, and we’re here to keep you informed every step of the way.