Housing Market Trends and Economic News Update: December 20, 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

• Existing Home Sales Show Strong Annual Gain: November’s existing home sales marked the largest annual increase since 2021, driven by higher inventory levels. Despite this growth, overall market activity remains modest.
• Single-Family Housing Starts Rebound: Single-family housing starts climbed 6.4% in November, with building permits for single-family homes edging up by 0.1%.
• Builder Sentiment Stays Steady: Homebuilder confidence held firm at the close of the year, reflecting a balance between elevated home prices and mortgage rates, alongside optimism about potential regulatory improvements in 2025.

Economic Highlights

• Fed Cuts Interest Rates Slightly: The Federal Reserve reduced its benchmark interest rate by 0.25% in December. However, the Board signaled slower rate cuts ahead, sparking a noticeable rise in mortgage rates.
• Retail Sales Surpass Expectations: Retail sales grew more than anticipated in November, indicating strong economic momentum as the year ends.
• GDP Growth Exceeds Earlier Estimates: Revised data shows the economy expanded by 3.1% in the third quarter, surpassing the initial estimate of 2.8%.

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.

“In the midst of chaos, there is also opportunity.”
– Sun Tzu

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