Greenway's Markets in a Minute I Home Sales are Breaking Records
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In testimony to Congress this week, Fed Chair Jerome Powell said the central bank is committed to helping the economy recover, which should help keep mortgage rates low. |
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Metrics show consumers pulling back on spending, even as businesses reopen. The decline in consumer spending could be a result of the recent end of stimulus money. |
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Jobless claims were up slightly this week to 870,000, supporting views that economic recovery could be running out of steam as the labor market struggles to improve. |
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According to the FHFA, July's home prices came in 6.55% higher than the previous year. The increase was the biggest annual gain since June 2018 and followed a 5.8% increase in June. |
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Existing home sales jumped to a 14-year high in August and were 10.5% higher than the previous year. This is the highest sales pace since December 2006. |
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New home sales also increased for the 4th straight month in August, to the highest level in almost 14 years, as record-low mortgage rates continue to entice buyers. |
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