Housing Market Update and Economic News: July 11, 2025

Housing Trends

Application Volume Climbs Sharply
Purchase mortgage applications rose 9% last week and are now 25% above the same period in 2024—signaling continued strength in homebuyer demand despite affordability challenges.

Homeowner Mobility Hits Record Low
Only 3.1% of U.S. homeowners changed addresses in 2024, the lowest rate ever recorded. According to Harvard’s Joint Center for Housing Studies, this is 24% lower than pre-pandemic levels, contributing to tight housing supply.

NAR Supports Tax Relief Measures
The National Association of Realtors applauded several provisions in H.R. 1, including a permanent mortgage interest deduction and a temporary lift on the state and local tax (SALT) cap—potential wins for homeowners in high-tax areas.

Economic Update

Inflation Expectations Ease
A recent Federal Reserve survey shows consumers anticipate inflation will be at 3% a year from now, marking a decline from earlier projections and a return to levels seen before tariff disruptions.

Labor Report Dampens Rate Cut Hopes
Stronger-than-anticipated job creation last week pushed market expectations for a July Fed rate cut further out of reach, as the central bank continues to weigh inflation against economic growth.

Unemployment Claims on the Rise
Continuing unemployment claims reached their highest point since late 2021—suggesting some softening in the labor market even as new job postings remain strong.

Quote of the Week

“The best investment on Earth is earth.”
— Louis Glickman

Whether you’re buying, building, or advising, staying informed is key to making confident decisions. At Thompson Kane, we’re here to help you navigate today’s shifting housing and economic environment with insight and care tailored to your unique goals.