Housing Market and Economic News Update: September 27, 2024

Thompson Kane is dedicated to helping our community stay on top of the ever-changing landscape of the housing market and the economy. Here are this week’s latest developments:

This Week’s Housing Market News

• New Home Sales: New home sales declined less than anticipated in August. Many homebuilders are feeling more confident about the short-term future, supported by the recent dip in interest rates.
• Medium Home Prices: While existing home sales saw a 2.5% decrease last month, August marked a record high for median home prices during this time of year.
• A Refi Jump: Refinance applications jumped 20% last week, now sitting a remarkable 175% above where they were at this time last year. Applications for home purchases also saw a slight uptick, rising 1% over the week.

This Week’s Economic Highlights

• Economic Growth Exceeds Expectations: The U.S. economy grew at an annualized rate of 3% during the second quarter, exceeding Wall Street forecasts and reflecting continued economic strength.
• Durable Goods Hold Steady: Orders for durable goods remained steady in August, performing much better than the predicted 3% decline. 
• Jobs: Despite reports indicating a cooling labor market, jobless claims last week dropped to 218,000—the lowest in four months—while hiring activity remained slower.

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. The right insight will help you 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.

“I still think buying a home is the best investment any individual can make.”
– John Paulson