Housing Market and Economic News for July 05, 2024

Here’s our latest roundup of housing market news and key economic updates:

This Week’s Housing Market News

• Construction: Construction spending decreased by 0.1% in May, which was unexpected. Spending on single-family construction declined by 0.7%, following an increase in April.
• Purchase Mortgage Apps: Purchase mortgage applications fell by 3.3% for the week and were down 12% compared to the same period last year.
• Future Home Sales: According to ICE’s 2024 Borrower Insights Survey, 36% of homeowners plan to sell within the next two years, with the trend being led by Gen Z and Millennial homeowners.

This Week’s Economic News

• Employment: Unemployment claims saw a modest increase last week, with continuing claims rising for the ninth consecutive week, reaching their highest level since November 2021.
• Payrolls: According to ADP, private payroll growth slightly declined in June. A slowdown in the labor market might have a positive impact on interest rates. 
• Services Sector Contraction: In June, the US services sector experienced its fastest contraction in four years, driven by a significant decrease in business activity and declining orders.

Keeping you up-to-date with the constantly changing housing market

At Thompson Kane, we are committed to providing real estate and financial professionals, contractors, and prospective homebuyers with the most current and relevant information on economic trends and housing market shifts. Our aim is to equip you with the knowledge necessary to make informed decisions and confidently manage your business and financial ventures. Stay informed with the latest updates by following the Thompson Kane Newsfeed, and connect with us on Facebook for bi-weekly news and valuable content!