Houtan HormozianExpert on Real Estate, Finance and PropTech

Markets in a Minute: Latest Economy & Housing News Update

13 Jul 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 "Markets in a Minute: Latest Economy & Housing News Update" (posted 2024-07-13T17:00:24Z). It's a short narrated market-news segment (single speaker) summarizing recent economic and housing data: June core consumer inflation (+0.1%), Fed Chair Powell's comments and implications for rate cuts, weekly unemployment claims (222,000), realtor.com findings (rising inventory and median homes spending two more days on market), a 39.6% rise in single-family rents since March 2020, and an increase in median realtor gross income (from $80,700 in 2022 to $92,500 in 2023). The clip closes with a Vince Lombardi quote. Content_type: YOUTUBE.

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Markets in a Minute. Consumer inflation data in June saw core prices rise 0.1%, the smallest gain since August 2021, supporting Fed policy rate cuts later this year. In his remarks to Congress, Fed Chair Powell acknowledged the labor market is showing signs of softening, also supporting Fed policy rate cuts. Applications for unemployment dropped more than expected last week to the lowest level since late May but still came in at 222,000 for the week. Realtor.com reported 2 buyer-friendly shifts in June: continued rising inventory and 2 days longer on the market for median homes. Single-family rents have risen by 39.6% since the pandemic began in March 2020 and are showing signs of increasing further. The median gross income for realtors with at least 16 years of experience rose from $80,700 in 2022 to $92,500 in 2023, according to the NAR. Thanks for watching. The last word. Perfection is not attainable, but if we chase perfection, we can catch excellence. Vince Lombardi.