Greenway's Markets in a Minute I Housing is a Bright Spot
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The Fed left policy rates unchanged at this week's meeting and pledged to continue bond buying until 'substantial' economic gains are seen. |
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Retail sales tumbled in November, decreasing 1.1% from the prior month. The economic rebound has hit bumps amid rising COVID-19 cases and increasing lockdowns. |
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Jobless claims unexpectedly jumped to the highest level in 3 months, suggesting the labor market is faltering due to new business restrictions. |
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Homebuilder confidence dropped slightly in December, after 3 straight months of record highs. Builders say they are concerned that buyers are starting to get sticker shock. |
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Strong demand pushed housing starts to a 9-month high in November, up for the 3rd straight month. Single-family construction climbed to the best level since 2007. |
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Mortgage applications increased last week, with purchase applications up 2% on the week and 26% higher annually. Refinance applications were up 105% from a year ago. |
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Greenway's Markets in a Minute I How is the Pandemic Impacting Manufactured Housing?
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Consumer prices rose 0.2% in November, as an increase in energy costs offset a drop in food prices. Overall prices are up 1.2% over last year, keeping inflation in check. |
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Congress continues to work on a relief plan of nearly $1 trillion, which will likely be part of a larger spending bill that may get done sometime next week. |
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Jobless claims surged last week to 853,000, the highest number since September 19. Continuing claims saw their first increase since August, up 230,000 to 5.76 million. |
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NAR reports 1 in 3 people have transitioned to full or partial remote work during the pandemic, freeing them up to move. 8.93 million people have relocated this year. |
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The pandemic economic downturn has coincided with a booming housing market. October existing home prices for all housing types jumped 15.5% over last year, according to NAR. |
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Online searches for manufactured homes saw an annual increase of more than 50% from May to September. The increased interest came as single-family home prices soared. |
Greenway's Markets in a Minute I Low Inventory & Price Increases Impact the Housing Market
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Stocks continue to rally to new highs as investors become more optimistic that multiple COVID-19 vaccines will help speed up an economic recovery as we head into 2021. |
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An emergency stimulus package by the end of the year is now a possibility. Politicians have returned to the negotiating table as COVID-19 counts rise and the economy falters. |
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Jobless claims dropped to a pandemic-era low of 712,000 last week. Continuing claims also fell, dropping to 5.52 million. |
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Mortgage demand was up as new purchase applications jumped 9% last week and were 28% higher annually. Refinance applications fell 5% but were still 102% higher than a year ago. |
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Pending home sales unexpectedly fell by 1.1% in October but were still 20.2% higher than in October 2019. Low inventory likely caused the decline. |
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New home sales were up 41% year over year in October. The median price of a new home was $330,600, up from $322,400, as prices increased for land, labor and material. |
Greenway's Markets in a Minute I Strong Home Sales are Something to be Thankful For
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Consumer confidence slipped in November, amid a resurgence in COVID-19 cases and business restrictions, reinforcing expectations for a 4th quarter economic slowdown.
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Durable goods orders grew at a faster than expected clip in October, demonstrating the manufacturing sector's continued support of the economy.
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Jobless claims rose the 2nd week in a row for the first back-to-back increase since July. The rising COVID-19 count is likely causing labor market weakness.
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The FHFA released the 2021 conforming loan limits to be used by Fannie Mae and Freddie Mac. Limits will rise 7.42% to $548,250 in most places and to $822,375 in most high-cost areas.
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Home prices surged to a 6-year high in September, according to Case-Schiller. The 7% increase over last year marks the fastest 12-month gain since 2014.
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Existing home sales grew 4.3% over September and 26.6% over last year. New home sales were also strong in October, remaining near their best pace since 2006.
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Greenway's Markets in a Minute I Find out how builders feel about the market
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October retail sales rose 0.3% over September. The pace was the slowest in 6 months, suggesting consumers may be growing more hesitant to spend as pandemic numbers rise. |
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Congress remains locked in a stalemate over a coronavirus stimulus. Increases in job losses and reduced spending could slow the economic recovery. |
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Jobless claims unexpectedly rose by 31,000 to 742,00 last week, as new business restrictions sparked a fresh wave of layoffs. |
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November's homebuilder confidence index for construction of single-family homes shattered record highs for the 3rd straight month, as more buyers are heading for the suburbs. |
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Housing starts increased more than expected in October, suggesting low rates and strong demand continue to sustain the housing market. |
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Mortgage applications to purchase a home rose 4% for the week, up 28% annually. Refinance application volume was down 2% for the week but was up 98% over last year. |
