Wednesday – November 24, 2021
Sales of new single‐family houses rose 0.4% in October from September to an annual rate of 745,000, reports the U.S. Census Bureau. However, sales plunged 23.1% from October’s 2020 estimate of 969,000. The median sales price was $407,700. The average sales price was $477,800. Inventories are running at a supply of 6.3 months at the current sales rate. Sales fell 11.8% in the Northeast, down 1.1% in the West, unchanged in the South and up 11% in the Midwest.
Home borrowing costs inched higher in the latest week and remain just above historic lows. The MBA reports that that the 30-year fixed-rate mortgage rose four basis points to 3.24% with 0.36 in points. Within the report it showed that the Market Composite Index rose 2%, the Refinance Index was up 0.4% while the Purchase Index increased 2%. An MBA spokesperson said, “Borrowers continue to lock in mortgages in anticipation of higher rates in the future. Refinance applications were still more than 30% below a year ago, when the 30-year fixed rate was 32 basis points lower.”
Courtesy of Mortgage Market Guide
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Tuesday – November 23, 2021
The NAR reports that Existing Home Sales rose to an annualized rate of 6.34 million units in October from the 6.29 million reported in September and above the 6.20 million expected. Sales were down nearly 6% from October 2020. Sales were down 2.6% in the Northeast, up 4.2% in the Midwest, up 0.4% in the South and were unchanged in the West. Unsold inventory sits at an anemic 2.4 month supply where 6 months is seen as normal. The median existing-home price rose to 353,900 in October 2021, up 13.1% from October 2020 ($313,000) and was 116 straight months of year-over-year increases, the longest-running streak on record.
Two of the country’s largest retailers are going to be closed on Thanksgiving hearkening back to the days when most stores were closed for the holiday giving relief to employees. Target and Walmart have announced that stores will not be open for the holiday. Also closed are Best Buy, Kohl’s, Macy’s, Dick’s Sporting Goods and JCPenney. Essential retailers like CVS and food stores will be open.
Courtesy of Mortgage Market Guide
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