Home sales are breaking records! {Market Report} September 25th

September 25, 2020 abryant

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	In testimony to Congress this week Fed Chair Jerome Powell said the central bank is committed to helping the economy recover, which should help keep mortgage rates low.
	Metrics show consumers pulling back on spending, even as businesses reopen. The decline in consumer spending could be a result of the recent end of stimulus money.
	Jobless claims were up slightly this week to 870,000, supporting views that economic recovery could be running out of steam as the labor market struggles to improve.


	According to the FHFA, July’s home prices came in 6.55% higher than the previous year. The increase was the biggest annual gain since June 2018 and followed a 5.8% increase in June.
	Existing home sales jumped to a 14-year high in August and were 10.5% higher than the previous year. This is the highest sales pace since December 2006.
	New home sales also increased for the 4th straight month in August, to the highest level in almost 14 years, as record-low mortgage rates continue to entice buyers.

“Don’t judge each day by the harvest you reap but by the seeds that you plant.”
Robert Louis Stevenson

Next week’s potential market moving reports are:

Monday, September 28th – None Scheduled
Tuesday, September 29th – Case-Shiller Home Price Index
Wednesday, September 30th – ADP Employment Report, Pending Home Sales
Thursday, October 1st – First Time Jobless Claims, Construction Spending
Friday, October 2nd – National Employment, Factory Orders

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