Real GDP increased at an annual rate of 2.4% in 2023Q2, according to the “advance” estimate released on Thursday by the Bureau of Economic Analysis. This follows a real GDP increase of 2.0% in 2023Q1.
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Fixed-Rate Mortgages Resume Upward Trek in the Week Ending July 27th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 27th. The 30-year fixed-rate mortgage averaged 6.81%, up from last week when it averaged 6.78%.
US Weekly Jobless Claims Decline in the Week Ending July 22nd
The advance figure for seasonally adjusted initial unemployment claims was 221,000 during the week ending on Saturday, July 22nd. This is a decrease of 7,000 from the previous week’s unrevised level of 228,000.
US New Residential Single-Family Home Sales Down Month-Over-Month but Up Year-Over-Year in June
New residential single-family home sales for June were at a SAAR of 697,000, according to estimates. This is 2.5% below the revised May rate of 715,000 but 23.8% above the June 2022 estimate of 563,000.
Lack of Existing Homes For Sale Sends Would-Be Buyers Into the New Construction Housing Market
The share of buyers looking to buy new construction increased from 20% in 2022Q4 to 25% in 2023Q2, according to the latest Housing Trends Report by the National Association of Home Builders.
Mortgage Applications Resume Downward Trend in the Week Ending July 21st
According to the Mortgage Bankers Association, mortgage loan application volume decreased 1.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.5%.
FHFA House Price Index Increased Month-Over-Month and Year-Over-Year in May
The Federal Housing Finance Agency reported Tuesday its House Price Index (HPI®) for May rose 0.7%, seasonally adjusted, between April and May. Year-over-year, house prices rose 2.8%.
S&P CoreLogic Case-Shiller US National Home Price Index Increased Month-Over-Month in May
The S&P CoreLogic Case-Shiller US National Home Price NSA Index for May shows all 20 major metro markets reported month-over-month price increases—the third consecutive month of growth.
The Conference Board’s Consumer Confidence Index Climbs Higher in July
The Conference Board released Tuesday its Consumer Confidence Index® (CCI) for July. The CCI increased to a reading of 117.0 in July (1985=100), up from a reading of 110.1 in June.
Homeowner Remodeling and Repair Expenditures Are Expected to Continue to Decline
According to the Leading Indicators of Remodeling Activity (LIRA) released by the Joint Center for Housing Studies of Harvard University, annual expenditures for improvement and repairs to owner-occupied homes are expected to decline at an accelerating rate through the first half of 2024.