Afternoon Note
The number of people applying for unemployment benefits fell by 3,000 to 201,000 in the week ending September 15. This was a 49-year low (November 12, 1969) and below forecasts of 208,000. The numbers may have been skewed by Hurricane Florence, applications in South Carolina fell by a rather large number as fewer people filed claims due to government office closures. The four-week average fell by 2,250 to 205,750, also a 49-year low.
Those people who are already collecting benefits (continuing claims) declined by 55,000 to 1.65 million. The four-week average fell by 20,750 to 1.69 million, both numbers were the lowest since November 1973.
Record job openings and a tight labor market have employers reluctant to lay off workers, while those potential workers on unemployment are finding jobs, which can be seen in the drop in continuing claims. Some people colleting benefits may have fallen off after their benefits expired after 26 weeks.
Existing Home Sales
Existing home sales month-over-month were unchanged at a 5.34 million annual rate for the month of August. This follows four straight months of declines and was 1.5% lower than the same period a year ago.
Existing home sales by region:
The median existing home price for all housing types rose for the 78th straight month, rising 4.6% to $264,800. The median existing single-family home price rose 4.9% to $267,300 year-over-year.
Price change by region:
Rising prices in the West seem to be crimping sales.
The inventory of homes for sale in August was unchanged at 1.92 million, up 2.7% from a year ago. Unsold homes remained at a 4.3-month supply, which is below the 6.0-month supply associated with market equilibrium.
More headwinds are building as interest rates are on the rise and existing home owners fear they may not be able to find another home to purchase. It is possible that rising rates may draw fence sitters off the sidelines if they fear rates may rise at a fast clip. NAR President Elizabeth Mendenhall commented, “Realtors® across the country report that their clients waver about the decision to list their home; they are excited by the prospect of receiving many offers, they are concerned that they will not be able to find a new home to purchase.”
The Dow Jones Industrial Average is powering higher as it surpasses the all-time high made back in January. That high was 26,616, the Dow is currently trading 50 points above that level at 26,666, up 1%. The S&P 500 is also trading at an all-time high, up 0.81%. The Russell 2000 and the Nasdaq are closing in on their all-time highs. Bread based, most sectors are in the green.
Breadth: Bullish
Tweet |
3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|