New home sales and construction are up! {Market Report} September 4th

September 4, 2020 abryant

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Manufacturing activity increased in August, as new orders surged to their highest level in over 16-1/2 years. Factory activity is being driven by increased demand for goods.
Construction spending was up 0.1% in July, breaking a string of losses due to disruptions caused by the coronavirus pandemic. Spending included a 2.1% rise in residential construction.
Jobless claims fell even more than expected last week, down to 881,000. This is the lowest level since the economy began feeling the pandemic’s full impact in March.


The CDC this week issued a sweeping temporary halt on evictions through the end of 2020. Unlike previous protections, this one applies to all U.S. rental properties.
Mortgage demand from homebuyers last week was 28% higher than last year, as rates remain low. Refinance mortgage applications were 40% higher than a year ago.
A shortage of existing homes is driving shoppers to new construction. New single-family home sales jumped 14% in July from June and are at the highest level since December 2006.

“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.”
Albert Schweitzer

Next week’s potential market moving reports are:

Monday, September 7th – No Reports, All Markets Closed for Labor Day Holiday
Tuesday, September 8th – NFIB Small Business Index
Wednesday, September 9th – Job Openings
Thursday, September 10th – First Time Jobless Claims, Producer Price Index
Friday, September 11th – Consumer Price Index

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