Housing Market and Economic News Update: September 20, 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

• Homebuilders’ Outlook: Homebuilders regained some optimism in September, as a dip in mortgage rates ended a four-month streak of declines in sentiment.
• Home-building Starts: August saw a rebound in housing starts after a notable drop in July, hitting the fastest building pace since April. Additionally, new construction permits saw an increase.
• Sales & Prices: Meanwhile, sales of existing homes in August fell more sharply than anticipated. Despite an increase in housing inventory, prices remained elevated.

This Week’s Economic Highlights

• Fed Interest Rate: The Federal Reserve lowered its benchmark interest rate by a meaningful 0.50% this week, following an earlier drop in mortgage rates. Fed officials indicated that further rate adjustments could be on the horizon, depending on future economic data.
• Retail Sales: In a surprising development, retail sales posted gains in August, signaling steady consumer spending and suggesting the economy continues to show resilience. 
• Jobs: Jobless claims dropped to their lowest levels since May last week, highlighting a strong labor market even as hiring momentum slows.

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.

“An investment in knowledge pays the best interest.”
–Benjamin Frankin