Housing Market Trends and Economic News Update: November 15, 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

• Mortgage Demand: Purchase mortgage applications rose by 2% last week, marking a 1% increase compared to the same period last year.
• Inventory Growth: According to ICE, home sale inventory saw growth for the 8th consecutive month in September, up 24% year-over-year. However, inventory is still 26% lower than pre-pandemic levels.
• Sales Outlook: Lawrence Yun, the National Association of Realtors’ chief economist, expects a 9% increase in existing home sales and an 11% rise in new home sales in 2025.

Economic Highlights

• Inflation Trends: October’s consumer inflation met expectations. Rising housing costs contributed to inflation but showed signs of slowing.
• Wholesale Prices: October’s wholesale inflation also aligned with predictions, supporting expectations that the Federal Reserve will reduce the policy rate in December.
• Labor Market: Jobless claims last week hit their lowest level since May, indicating steady demand for workers even after recent disruptions from storms and strikes.

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.

“A good decision is based on knowledge and not on numbers.“
–Plato

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