Housing Market and Economic News Update: October 18, 2024

Thompson Kane’s team is dedicated to helping our community stay on top of the ever-changing landscape of the housing market and the economy. Here are this week’s latest developments:

Housing Market News

• Builder Sentiment: Builder sentiment moved up for a second consecutive month. Builders look forward to a busy 2025 despite challenging conditions.
• Mortgage Applications: Mortgage apps for new home purchases rose 10.8% year over year in September, with an average loan size of $402,658 for newly built homes.
• This Week: For the week, overall purchase mortgage applications dropped 7% but were 7% higher than the same time last year.

Economic Highlights

• Strong Consumer Spending: Retail sales strengthened by more than forecast in September. Resilient consumer spending continues to power the economy.
• Employment: Jobless claims fell much more than economists expected last week, after reaching their highest level of the year during the previous week.
• Bonds and Mortgage Rates: The signs of a strong economy and a rebounding labor market, along with higher inflation, are pressuring bonds and pushing mortgage rates higher.

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.

“Do not save what is left after spending, but spend what is left after saving.”
– Warren Buffet

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