Housing Market Trends and Economic News Update: November 8, 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

• Application Trends: Purchase mortgage applications declined by 5% in the past week, but they’re still tracking 2% higher compared to the same period last year.
• Older Homeowners: According to a recent MBA-RIHA study, more homeowners over the age of 70 are choosing to stay in their homes longer, which is limiting available housing supply.
• Application Surge: Data from ICE indicates that homeowners with mortgages held an average of $319,000 in home equity as of the end of October, collectively reaching $17.2 trillion in equity nationwide.

Economic Highlights

• Job Market Update: October’s job report recorded only 12,000 new positions, falling short of the anticipated 100,000, though the unemployment rate stayed stable at 4.1%.
• Job Market Update: Last week, initial jobless claims rose slightly but stayed below forecasts, while the four-week average dropped, signaling a steady employment landscape.
• Market Movements: Stocks climbed to new peaks, with all three major indexes achieving record highs as investors remain optimistic about potential tax cuts and reduced regulatory measures.

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.

“Risk comes from not knowing what you’re doing.“
–Warren Buffett

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