September 9th Housing & Economy Report

National Housing Report: September 9th

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!

 

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The Economy

  • The August ISM manufacturing index fell to 49.1%, the lowest reading in 3+ years. A reading below 50% indicates contraction in manufacturing.
  • Private payrolls rose more than anticipated, according to ADP. The private sector added 195,000 jobs in August, better than the expected 149,000 increase.
  • The economy grew at a modest pace in July and August. A majority of businesses report being optimistic, and consumer spending increased solidly.

Housing News

  • Construction spending grew slightly in July, by 0.1% over the revised June estimate. Residential construction spending rose 0.6% from the previous month.
  • Millennials are jumping into homeownership in larger numbers, driving up home prices as inventory remains an issue, according to a recent CoreLogic report.
  • Home inventory for sale at the end of July was nearly 2% lower than a year ago. In July there was 4.2-month supply of homes for sale, according to NAR.

 


*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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