Houtan HormozianExpert on Real Estate, Finance and PropTech

Markets in a Minute: Rapid insights in 60 seconds!

27 Jul 2024 · 2 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: Rapid insights in 60 seconds!" (created 2024-07-27). It's a short, single-narrator market update in English summarizing economic data: Q2 GDP accelerated to a 2.8% initial reading, continued elevated jobless claims and rising continuing claims average, market speculation about Fed rate timing (no cut next week, possible cuts starting in September), and housing trends (median existing home price up to $426,900, existing and new home sales down, inventory up). The clip closes with an Aldous Huxley quote.

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Markets in a Minute. Economic growth accelerated by more than forecast in the second quarter. The 2.8% initial reading doubled the first quarter's 1.4% growth rate. Jobless claims remained above 220,000 for the 9th straight week. The 4-week continuing claims average rose to its highest level since December. Markets continue to speculate the Fed will not cut its policy rate at next week's meeting, but will start reducing rates in September. Home prices continued their rise and set a new high in June. The median price of an existing home increased 4.1% to $426,900. June's existing home sales were down, marking the slowest pace since December. Inventory jumped 23.4% from a year ago to a 4.1-month supply. New home sales also fell last month, hitting a 7-month low. Pundits blame the ongoing challenges from higher mortgage rates and home prices. Thanks, Thanks for watching. The last word: Experience is not what happens to you, it's what you do with what happens to you. Aldous Huxley.