Redfin reported that US homebuyers need to earn $76,995 per year to afford the median priced starter home (with a value of $250,000).
News in end use
US Existing Homes Changing Hands at the Lowest Rate in Decades
Redfin reported that just 25 out of every 1,000 US homes changed hands during the first 8-months of the year, the lowest turnover rate in decades.
Mortgage Application Payments Retreat Further in August
The Mortgage Bankers Association Purchase Applications Payment Index decreased 3.9% to a reading of 160.7 in August, down from 167.2 in July.
University of Michigan Reports the Final Results of Its Consumer Sentiment Index for September
The University of Michigan Index of Consumer Sentiment rose to a reading of 70.1 in September, a month-over-month increase of 3.2%.
US Personal Income and Outlays for August
Personal income increased 0.2%; disposable personal income increased 0.2%; and personal consumption expenditures increased 0.2%.
Canadian Real GDP Increases 0.2% in July
The construction sector declined 0.4% for the second consecutive month and was the largest detractor to growth in July.
US Real GDP Increases at an Annual Rate of 3.0% in Q2, BEA Reports in Its “Third” Estimate
Real GDP increased at an annual rate of 3.0% in Q2. This follows a reported increase of 1.6% (recently revised upward from 1.4%) in Q1.
US Pending Home Sales Increase 0.6% in August
The Pending Homes Sales Index increased 0.6% month-over-month to a reading of 70.6 in August, NAR reported. Year-over-year, pending homes sales were down 3.0%.
Housing Starts in Canada’s Six Largest Cities Increase 4% During First Half of 2024
Combined housing starts in Canada’s 6 largest cities increased 4% to 68,639 new units, the second highest level since 1990, CMHC reported.
US 30-Year Mortgage Rate Hits Lowest Level in Two Years
The 30-year fixed-rate mortgage averaged 6.08%, down from last week when it averaged 6.09%, Freddie Mac reported.