Housing Market Trends and Economic News Update: November 1, 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

• Market Boost: Pending home sales saw an unexpected 7.4% increase in September as rates dipped slightly, marking the highest activity level since March.
• Steady Price Growth: Home prices inched up 0.3% in August, per FHFA data. However, the yearly growth rate slowed from 4.7% in July to 4.2%.
• Application Surge: Despite rising mortgage rates last week, purchase mortgage applications went up 5% from the previous week and were 10% above this time last year.

Economic Highlights

• Confidence Climbs: October recorded the fastest month-over-month growth in consumer confidence since March 2021.
• Inflation Moderation: The Fed’s preferred PCE index shows inflation edged up in September, with the annual rate now at 2.1%, aligning with Fed targets.
• Job Market Shift: September job openings dropped to the lowest in over three years, and August numbers were revised down, suggesting possible labor market easing ahead.

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 wait to strike till the iron is hot; but make it hot by striking.“
–William Butler Yeats

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