Markets in a Minute, Housing Market Updates July 10, 2023

This week’s housing and financial market activity update…

The Economy

• The service sector showed robust growth in June, marking its fastest pace in four months and indicating a resilient economy.
• Payroll company ADP reports businesses added the most jobs in a year in June, underscoring the ongoing strength of the labor market.
• In June, manufacturing experienced its eighth consecutive month of contraction, reaching its lowest level in three years.

Housing Market News

• The cost of homeowner’s insurance is expected to rise by an average of 7.1 percent in 2023. These increases are not limited to properties in disaster-prone areas. Some companies are withdrawing from states with significant losses due to natural disasters, including California and Florida. For more information on insurance cost increases and tips on reducing rates, check out this article on Consumer Reports.
• In May, pending home sales fell to their lowest level in five months due to the persistent shortage of houses on the market, which has been impacting overall activity.
• Mortgage applications declined to their lowest level in a month, with purchase applications dropping by 5% for the week and 22% compared to the previous year.
  
  

The Last Word

“One today is worth two tomorrows.”
–Ben Franklin