Housing Market Trends and Economic News Update: October 25, 2024

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

Housing Market Trends

• New Home Sales, Single-Family: In September, new single-family home sales climbed by 4.1%, reaching an annual rate of 738,000—6.3% above last year’s figures. The median price for these homes stood at $426,300.
• Existing Home Sales: In contrast, existing home sales hit a 14-year low as buyers paused in the face of election uncertainties and increasing mortgage rates.
• Mortgage Applications: Mortgage applications fell to their lowest level since July as rates rose. Purchase applications dipped by 5%, while refinance applications saw an 8% decrease.

Economic Highlights

• Recent Activity: Recent economic activity has remained generally unchanged across most of the U.S. since early September, based on the Federal Reserve’s survey of regional business contacts.
• Employment: Initial jobless claims fell for the second consecutive week, but ongoing claims rose to nearly 1.9 million, marking a three-year high.
• Household Debt: Household debt reached $20.2 trillion by the end of the second quarter, with a delinquency rate of 2.74%—the highest in nearly 12 years.

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.

“The more informed we are, the better decisions we can make.“
(Paraphrased from Warren Buffet)

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