Housing Market and Economic News Update: September 6, 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

• Refinance Applications: Mortgage refinance applications have surged, now sitting at 94% higher than this time last year. On the other hand, home purchase applications saw only a modest increase of 3% over the past week and are down by 4% compared to a year ago.
• Inventory: The inventory of available single-family homes experienced a slight uptick, reaching 704,000 last week, although the rate of growth has begun to slow
• Affordability: August marked the most affordable month for homebuyers since February, thanks to a combination of slower home price increases and lower mortgage rates, as reported by ICE.

This Week’s Economic Highlights

• Job Market: The job market is showing signs of cooling, with July’s job openings reaching their lowest point since January 2021, according to the Labor Department.
• Adding to the trend, companies added fewer jobs in August than in any other month since early 2021, based on data from ADP. 
• Service Sector: Despite these signs of a slowdown, the US services sector continued to grow for the second consecutive month in August, though indicators suggest that momentum is beginning to wane.

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.