August 26th Housing & Economy Report

Rod and I are pleased to bring you a weekly report on the mortgage and housing industry, as well as the economy. Weekly we will publish the following report from CoreLogic as a courtesy to you. For more detailed statistics about Utah real estate markets, look for our real estate market updates weekly!

Rate Environment

The Economy

  • Consumer confidence retreated a bit in August. However, it remained strong overall, offsetting a weakening in the outlook on economic conditions.
  • Second quarter economic growth was revised down to 2% from 2.1%, in line with expectations. The economy grew at 3.1% rate in the January-March quarter.
  • The number of applications for unemployment benefits rose only slightly last week, pointing to sustained labor market strength despite slowing economic growth.

Housing News

  • New home sales sank more than expected in July. Builders continue to face challenges, including land and labor shortages and higher materials costs.
  • Pending home sales were also down slightly in July. However, this result came after 2 months of sales gains and is likely due to the lack of inventory.
  • Home prices are still gaining nationally and rose 3.1% annually in June. Sustained low mortgage rates could help continue to drive prices higher.

*Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

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