Housing Market and Economic News Update: August 30, 2024

Thompson Kane is dedicated to helping our community stay on top of the ever-changing landscape of the housing market and the economy. Let’s dive into the most recent developments:

This Week’s Housing Market News

• Home Prices: House prices saw a 5.7% increase in the second quarter compared to the same period last year, according to the Federal Housing Finance Agency.
• Sales: Pending home sales in July fell to their lowest level ever recorded. High home prices and rising borrowing costs have continued to make homes less affordable for many buyers.
• Rate Predictions: However, pending sales of starter homes jumped 10.2% year over year, reaching their highest level in nearly two years.

This Week’s Economic Highlights

• Consumer Sentiment: Consumer confidence reached its highest level in six months this August, driven by a more positive outlook on the economy and inflation. This optimism seems to outweigh worries about potential weaknesses in the job market.
• Consumer Spending: The economy also showed stronger-than-expected growth in the second quarter, with a revised increase of 3.0%. This uptick was primarily due to a boost in consumer spending. 
• Employment: Despite the decline in jobless claims last week, there are still limited job opportunities for those recently laid off, indicating that unemployment levels remain high.

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.