Housing Market and Economic News Update: August 15, 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

• Inventory: Currently, there are 693,000 single-family homes available on the market, reflecting a 1.3% weekly increase and nearly 41% more than last year.
• Mortgage Demand: Mortgage applications reached their highest point since January 2023, with refinance applications jumping 35% and purchase applications rising 3% for the week.
• Confidence Check: Builder confidence fell in August despite lower mortgage rates, with housing affordability continuing to be a major concern for potential homebuyers.

This Week’s Economic Highlights

• Retail Surge: Retail sales surged in July, marking the strongest increase since early 2023 and exceeding expectations, which points to a resilient economy.
• Inflation Data: Inflation data revealed a decline in both consumer and wholesale prices. The Consumer Price Index dropped below 3% for the first time since 2021. 
• Employment: Jobless claims decreased for the second consecutive week, reaching the lowest level since July, suggesting that the labor market isn’t weakening as much as anticipated.

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.