Last week, key economic reports in the US included data on housing markets, housing starts, building permits, sales of previously owned homes, mortgage rates, and jobless claims.
Homebuilders lose confidence in the U.S. housing market: According to the National Association of Home Builders (NAHB), homebuilder confidence declined in September. Rising construction costs, labor shortages, and supply chain disruptions have impacted their outlook on the housing market.
Mixed results for building permits and housing starts in August: The U.S. Census Bureau reported mixed results for building permits and housing starts in August. While building permits increased by 2.1%, housing starts saw a slight decline of 3.0%. These figures indicate some uncertainty in the housing market.
Decline in sales of previously owned homes in August: The National Association of Realtors (NAR) reported a decrease in the sales of previously owned homes in August. Sales fell by 2.0% compared to the previous month. The tightening inventory and rising prices may have contributed to this decline.
Federal Reserve suggests possible rate hike before end of 2023: During the Federal Reserve’s recent meeting, they hinted at the possibility of a rate hike before the end of 2023. The decision will depend on the progress of economic indicators, including inflation and employment numbers.
Increase in mortgage rates, decrease in jobless claims: Mortgage rates have seen a slight increase recently. As the housing market adjusts, buyers may need to consider these changes when making their purchasing decisions. On a positive note, there has been a decrease in jobless claims, indicating a strengthening labor market.
Upcoming economic reports and indicators: Looking ahead, keep an eye out for upcoming economic reports and indicators that will provide further insights into the health of the housing market and overall economy. These reports include new home sales, consumer sentiment, and GDP growth data.
