Housing Market and Economic News Update: October 4, 2024

This Week’s Housing Market News

Pending Home Sales: Pending home sales in August saw a slight improvement, climbing 0.6% from July’s historically low figures. However, the market is still grappling with affordability challenges, as overall sales are down 3% compared to last year.
Construction Spending Tentative: Construction spending in August experienced a decline as businesses hesitated to move forward with projects while awaiting clearer signals from the Federal Reserve regarding potential rate cuts.
Improving Investor Sentiment: A recent Investor Sentiment Index for fall 2024 revealed that 68% of investors consider the current housing market to be in a better or significantly better position compared to a year ago.

Jobs: After two months of declines, job openings rose unexpectedly in August, although the pace of hiring remained subdued, reflecting a labor market that’s gradually slowing.
September saw an uptick in private sector hiring, according to ADP data, showing that despite some soft spots, the labor market is proving resilient.
Fed Rates: Federal Reserve Chair Jerome Powell clarified that while there was a recent half-point reduction in interest rates, it should not be seen as an indication that further aggressive rate cuts are on the horizon.