What's up with the housing market? | October 28th
National Housing Report: October 28th
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!
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The Economy
- September’s factory orders for big-ticket manufactured goods tumbled by the largest amount in 4 months, indicating continuing struggles in the industry.
- Stocks improved this week as corporate earnings results helped investors shrug off signs that global growth is losing momentum.
- Despite an overall slowing economy, jobless claims fell last week. A strong labor market boosts consumer confidence and the economy.
Housing News
- The FHFA reports home prices rose 0.2% in August from July were up 4.6% year-over-year.
- New home sales fell 0.7% in September, as low inventories continue to weigh on sales. The median new home price is $299,400, and 8.8% drop from a year ago.
- The latest housing trend is backyard “accessory dwelling units,” small second homes used for rentals or additional guest living space.
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