Construction spending (not adjusted for inflation) totaled $2.027 trillion in October at a seasonally adjusted annual rate, up 0.6% from the upwardly revised September rate and up 11% year-over-year (y/y), the Census Bureau reported today. However, without a deflator, it is impossible to say how much of the y/y gain is in units vs. price. Private residential construction rose 1.2% for the month, with single-family homebuilding up 1.1% (
Mortgage rates keep falling after Powell tries to deflate expectations for the spring rate, as 3 new reports released this week suggest the economy is, in fact, losing steam Mortgage rates continue to retreat from 2023 highs, but homebuyer demand for purchase loans remained flat last week, as for-sale inventories are still tight in many markets and prices remain out of reach of some would-be buyers.Demand for purchase mortgages was down 0.3 perce
Local housing markets sing when the “Anti-Hero” crooner comes to town, a new study finds.There’s no bad blood between Taylor Swift and real estate. Her sold-out stadium concerts are proving to be good karma for local housing markets.Architectural Digest explores in a new study(link is external) the possible housing impact of Taylor Swift’s record-breaking Eras Tour, which has grossed $1 billion to date. And look at what you made
Borrowing costs have dropped for the fifth-straight week and are expected to go lower through the end of the year.Falling mortgage rates are bringing holiday cheer to home buyers. The 30-year fixed-rate mortgage, which has been backing away from its near-8% high in October, dropped to 7.22% this week, marking the fifth consecutive week of declines, Freddie Mac reports.“Market sentiment has significantly shifted over the last month, leading to a
Inflation as measured by personal spending increased in line with expectations in October, possibly giving the Federal Reserve more incentive to hold rates steady and perhaps start cutting in 2024, according to a data release Thursday.The personal consumption expenditures price index, excluding food and energy prices, rose 0.2% for the month and 3.5% on a year-over-year basis, the Commerce Department reported. Both numbers aligned with the D
There were 7.5% more home sellers listing their homes in November 2023 than in November 2022, according to Realtor.com, with total inventory up as well, ending a 4-month slide Prospective homebuyers got a piece of good news during November: More people listed their homes this month than they did at the same time last year, marking the first time in well over a year that inventory has shown year-over-year improvement.According to a report&nbs
US consumer confidence rose for the first time in four months in November, aided by more optimistic views about the outlook for the labor market.The Conference Board’s index increased to 102 this month from a downwardly-revised 99.1 in October, data out Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 101.A measure of expectations advanced amid a rebound in consumers’ assessme
A turnaround may be insight as mortgage rates retreat from their peak—but another issue is coming into focus for home buyers.As mortgage rates rose to their highest averages in October—nearing 8%—many home buyers backed away from the housing market. As a result, contract signings for existing homes dipped to their lowest number in more than 20 years, the National Association of REALTORS® reported Thursday.NAR’s Pending Home Sales&nb
In line with rising home prices, federally-backed loans will adjust for borrowers in the new year.Conforming loan limits are rising in the new year to keep up with escalating home prices, both the Federal Housing Administration and Federal Housing Finance Agency announced Tuesday.The new conforming loan limit set by the FHFA for 2024 is $766,550 (a hike of $40,350 compared to 2023’s baseline amount of $726,200). FHFA is the regulator of Fannie
Higher mortgage rates appear to be doing very little to cool home prices.Nationally, prices were 3.9% higher in September compared with the same month a year earlier, up from a 2.5% annual gain in August, according to the S&P CoreLogic Case-Shiller Index. This occurred as the average rate on the 30-year fixed mortgage climbed toward 8%.Of the 20 metropolitan markets highlighted in the report, Detroit saw the biggest annual increase
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