Markets in a Minute, Housing Market News, November 10, 2023

This week’s financial and housing market activity update…

The Economy

• In an effort to manage expectations for rate cuts, Federal Reserve members addressed the need to combat inflation and maintain stability in the market.
• Over the past 16 years, there has been a significant surge of nearly 60% in the number of U.S. households with investable assets ranging from $1 million to $5 million.
• Last week, new unemployment claims decreased, indicating a resilient job market. Despite some signs of cooling, layoffs remained low, reflecting the overall strength of the industry.

Housing Market News

• As interest rates declined, mortgage application volume experienced a 2.5% increase last week.
• Purchase applications saw a notable rise of 3%, while refinance applications also grew by 2%.
• The inventory of single-family homes listed for sale increased by 0.7% to reach a total of 567,000 for the week.
  Even in a competitive market, 39% of these homes have undergone price reductions, presenting opportunities for buyers.
• Among the new homes completed last year, 19% featured a spacious garage capable of accommodating three or more cars. Two-car garages were a common feature in 66% of these newly constructed homes. 

Stay up on the latest developments in the industry to make informed decisions for your business as well as your personal fiscal matters.

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