Housing Market Trends and Economic News Update: December 12, 2024

Thompson Kane’s team is dedicated to helping our community track the ever-evolving landscape of the housing market trends. Here are this week’s latest developments:

Housing Market Trends

• Housing Market Slowdown: The housing market in November saw its slowest activity in five years. Homes stayed on the market for an average of 62 days, 11 days longer than the same time last year.
• Inventory Hits a New High: Housing inventory increased by 26.2% in November, reaching its highest level since December 2019. This jump is likely due to more cautious buyers in today’s market.
• Refinance Applications Surge: Mortgage rate improvements last week spurred a 27% rise in refinance applications. However, purchase applications dipped by 4% for the same period.

Economic Highlights

• Consumer Prices Edge Higher: Consumer prices rose by 0.3% in November, the largest jump in seven months. Rising shelter and food costs drove the increase.
• Jobless Claims Unexpectedly Rise: Weekly jobless claims climbed to 242,000 last week, reflecting potential labor market volatility after the Thanksgiving holiday.
• Small Business Optimism Grows: November’s Small Business Optimism Index hit its highest level in over three years. More small businesses plan to expand their workforce and raise prices.

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.

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– Louis Glickman

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