Markets in a Minute, Housing Market News, October 27, 2023

This week’s financial and housing market activity update…

The Economy

• Last quarter, the economy saw its fastest growth in nearly two years, driven by increased consumer spending and decreasing inflation.
• Initial jobless claims inched up last week but remained at historically low levels.
• The federal government closed its fiscal year with a $1.7 trillion deficit, resulting in rising bond yields and higher mortgage rates.

Housing Market News

• New home sales surged by 12%, reaching a year-high, with builders offering discounts that lowered median home prices.
• Pending home sales increased in September, despite higher mortgage rates, though they were still down 11% compared to last year due to limited inventory.
• Surprisingly, 24% of Americans in a recent allstarhome.com survey expressed willingness to buy a haunted home, with an average budget of $250,000. Additionally, 16% believed their own homes might be haunted.

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