Houtan HormozianExpert on Real Estate, Finance and PropTech

Quick Market Insights - CRESTICO Local Real Estate Mortgage Broker

4 Nov 2024 · 1 min

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In this brief market update, the speaker highlights several recent economic and housing trends. Consumer confidence surged in October, reaching its fastest pace since March 2021. The Fed's September PCE inflation index was 2.1%, close to the 2% target. Job openings fell to a 3.5‑year low in September, and August revisions showed a decline, suggesting a cooling labor market. A dip in rates helped pending home sales jump 7.4% in September. The FHFA reported a modest 0.3% rise in August home prices, with annual growth slowing to 4.2%. Despite higher mortgage rates, purchase applications rose 5% for the week and were 10% higher year‑over‑year, indicating continued strong demand in the housing market.

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A quick market insights. Consumer confidence surged in October at its fastest pace since March 2021. Inflation rose up in September with the Fed's PCE index at 2.1%, near the target. September job openings hit a 3.5-year low with August data revised showing decline, signaling a potential labor market cooldown. September's rate dip boosted pending home sales by 7.4%. The FHFA noted a 0.3% rise in August home prices, with annual growth slowing to 4.2%. Despite rising mortgage rates, purchase applications increased by 5% for the week and were 10% higher than last year, indicating strong demand in the housing market. Thank you for watching.