Markets in a Minute – Home prices move up despite higher rates
August 25, 2023
Financial News | Mortgage | Series
For the Week Ending August 25, 2023
THE ECONOMY
- Unemployment claims fell to the lowest level in 3 weeks, showing renewed labor force momentum and a healthy demand for workers.
- Even with a resilient economy, small business confidence is back at an all-time low, according to a CNBC|SurveyMonkey Small Business Survey.
- Credit card spending has propped up the economy but is showing signs of slowing, as consumers feel the pinch of higher rates.
HOUSING NEWS
- July home sales fell again as supply dropped to a 25-year low. The number of homes for sale at monthโs end was 14.6% lower year over year.
- Inventory woes are sending more buyers to new construction. New home sales hit a 17-month high in July, up 31.5% over last year.
- Home prices continue to move higher. The median price of a home sold in July was $406,700, an increase of 1.9% from a year ago.
THE LAST WORD
“The bad news is time flies. The good news is you’re the pilot.”
Michael Altshuler
