Homebuyers must earn $79,252 annually to afford the typical starter home, up 4.4% year-over-year and just a few hundred dollars shy of last October’s all-time high, Redfin reported.
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MBA Updates Baseline Forecast for Commercial and Multifamily Borrowing
MBA said it expects total commercial and multifamily mortgage borrowing and lending to finish the year at $539 billion, a 26% increase from $429 billion in 2023.
US Bureau of Economic Analysis Reports Personal Income and Outlays for July
Personal income increased 0.3% at a monthly rate in July; disposable personal income increased 0.3%; personal consumption expenditures increased 0.5%.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for August
The Index of Consumer Sentiment rose to a reading of 67.9 in August, up from 2.3% from July.
Canadian Real GDP Increases in Q2
Real GDP increased 0.5% quarterly in Q2 after rising 0.4% in Q1.
US Pending Home Sales Decline 5.5% in July
The NAR Pending Homes Sales Index declined 5.5% to a reading of 70.2 in July, the lowest reading since tracking began in 2001.
US Real GDP Increases at an Annual Rate of 3.0% in Q2, BEA Reports in Its “Second” Estimate
BEA now estimates real GDP increased at an annual rate of 3.0% in Q2, an increase from 2.8% growth reported in the “advance” estimate.
US Apartment Completions Continue to Increase in Q1
The percentage of new apartment units that were absorbed within three months of completion rose from a decade low of 42% in 2023Q4 to 53% in Q1, the Census Bureau and NAHB reported.
US Fixed-Rate Mortgages Continue to Decline in the Week Ending August 29th
The 30-year fixed-rate mortgage averaged 6.35%, down from last week when it averaged 6.46%, Freddie Mac reported.
US Weekly Initial Jobless Claims Decline in the Week Ending August 24th
The advance figure for seasonally adjusted initial unemployment claims was 231,000, a decrease of 2,000 from the previous week’s revised level.