What's up with the housing market? | November 25th
National Housing Report: November 25th
Melody 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!
- Trade talks with China are still moving markets. Investors worry the ‘phase one’ deal is taking too long, but China’s chief negotiator Vice Premier Liu He says he is “cautiously optimistic.”
- October Fed meeting minutes show Fed officials felt risks to the economy remained elevated, even as they agreed to hold off on further rate cuts.
- Unemployment applications last week unexpectedly remained at 227,000. The Fed minutes showed officials viewed labor market conditions as strong despite a slowdown in job growth.
- Housing starts were up in October, with single-family construction rising for a 5th straight month. Home construction permits jumped to more than a 12-year high.
- Homebuilders remain confident in the housing market, spurred in part by low mortgage rates. This is the 4th month at least half of surveyed builders reported positive buyer traffic.
- October’s existing home sales increased 1.9%, beyond expectations. Tight supply combined with low rates to boost home prices, which grew at the fastest pace in more than 2 years.
*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.