Houtan HormozianExpert on Real Estate, Finance and PropTech

Get Informed with our Quick Market Insights! #MarketInsights #MarketUpdate

1 Oct 2024 · 1 min

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This content was created by Houtan Hormozian. This content was uploaded by Houtan Hormozian. This is a YouTube video titled "Get Informed with our Quick Market Insights! #MarketInsights #MarketUpdate" (created 2024-10-01). A single speaker labeled SPEAKER A provides a brief market update covering key economic indicators: Q2 GDP grew at a 3% annualized rate, durable goods orders were flat in August (versus an expected 3% decline), initial jobless claims fell to 218,000 (a four-month low), new home sales fell less than expected with homebuilders optimistic due to lower interest rates, existing home sales declined 2.5% while median prices reached a record high for August, refinance applications surged (noted as “20” in the transcript) and were up 175 year-over-year, and purchase applications rose slightly (~1%).

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A quick market insights. The economy grew at an annualized rate of 3% in the 2nd quarter, exceeding Wall Street expectations. Durable goods orders were flat in August, defying a predicted 3% decline. Jobless claims unexpectedly dropped to 218,000, a 4-month low despite some signs of slower hiring. New home sales in August fell less than expected, with homebuilders optimistic due to lower interest rates. Existing home sales declined by 2.5%, but prices reached the highest August median on record. Refinance applications surged 20 last week, up 175 year over year, while purchase applications increased slightly by 1%.