Housing Market and Economic News for July 15, 2024

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

This Week’s Housing Market News

• Buyer-Friendly Shifts in June: According to Realtor.com, two significant buyer-friendly trends emerged in June: rising inventory and an increase of two days in the median time homes spend on the market.
• Continued Rise in Single-Family Rents: Since the onset of the pandemic in March 2020, single-family rents have surged by 39.6%. This upward trend shows signs of continuing.
• Income Growth for Experienced Realtors: The National Association of Realtors (NAR) reports that the median gross income for Realtors with at least 16 years of experience increased from $80,700 in 2022 to $92,500 in 2023.

This Week’s Economic Highlights

• Minimal Inflation Increase in June: Consumer inflation data for June revealed a 0.1% rise in core prices, marking the smallest increase since August 2021. This trend could support potential policy rate cuts by the Federal Reserve later this year.
• Softening Labor Market: In his recent remarks to Congress, Federal Reserve Chair Jerome Powell noted signs of softening in the labor market, further supporting the possibility of Fed policy rate cuts. 
• Unexpected Drop in Unemployment Applications: Applications for unemployment benefits fell more than expected last week, reaching their lowest level since late May at 222,000. Despite this decline, the figure remains notable.

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!