Housing Market Trends and Economic News Update: November 29, 2024

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

Housing Market Trends

• Sales Decline: Sales of new single-family homes dropped by 17.3% in October, hitting their lowest level in nearly two years.
• Pending Sales Rise: Pending home sales grew by 2% in October, marking the third consecutive monthly increase and reaching their highest level since March.
• Home Prices Up: The Federal Housing Finance Agency (FHFA) reported that home prices climbed 4.3% year-over-year in the third quarter of 2024. Prices were 0.7% up compared to the previous quarter.

Economic Highlights

• Inflation: Inflation edged up to 2.3% in October from 2.1% in September. The increase aligns with forecasts, providing the Federal Reserve flexibility for potential rate cuts.
• Manufacturing: Durable goods orders in October rose just 0.2%, falling short of expectations and reflecting ongoing challenges in the manufacturing sector.
• A Confidence Rebound: Consumer confidence surged to a 16-month high in November, driven by optimism about the labor market and easing inflation concerns.

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.

“The pessimist sees difficulty in every opportunity.
The optimist sees opportunity in every difficulty.”
– Winston Churchill

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