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Mark Hemingway

Mortgage Market Update for November 26th

Wednesday, November 27, 2019 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

The Census Bureau reports that sales of new single-family homes declined in October while September was revised higher. New Home Sales fell 0.7% last month to an annual rate of 733,000 units, above the 710,000 expected while September was revised higher to 738,000 from 701,000. The 738,000 in September was the highest since July 2007. From October 2018 to October 2019, sales were up a whopping 31.6%! The median sales price fell 3.5% to $316,700. Sales fell in the Northeast and South with gains seen in the West and Midwest.

In housing news, the S&P Case-Shiller 20-City Index rose 2.1% year-over-year for the month ended in September. The national index rose 3.2%. On a monthly basis, prices were up 0.1% for both the 20-City Index as well as the national index. The FHFA reports that home prices rose 0.6% in September from August and were up 5.1% annually in September.

Fed Chair Powell spoke last night and signaled the Fed is on hold with interest rate policy while the labor market could get even stronger. Fed Chair Powell said, "At this point in the long expansion, I see the glass as much more than half full. With the right policies, we can fill it further, building on the gains so far and spreading the benefits more broadly to all Americans." The Goldilocks economy lives on - talk of a recession anytime soon has all but faded away.

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