Notable News:
HousingWire Lead Analyst on inflation and why we'll still see rate cuts in 2024. Listen Now >>
More sellers are entering the market. Watch Now >>
Consumer sentiment surges while inflation outlook dips. Read Now >>
Market Recap:
Mortgage application submissions increased a composite 10.4% during the week ending 1/12. The Refinance Index increased 11% from the previous week and was 10% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 9% from one week ago.
Retail sales increased 0.6% month-over-month in December, double the from the previous month and higher than the expected increase of 0.4%.
The National Association of Home Builders (NAHB) housing market index surged to a level of 44 in December. The expected level was 39. The index outperformed on all three of its : single family sales; present; single family sales; Next six months; and traffic of prospective buyers.
Building permits were at a level of 1,495,000 in December, a 1.9% increase from the month before. Housing starts were a level of 1,460,000 which was a 4.3% drop from the month before. Both were higher than expected.
Continuing jobless claims were at a level of 1,806,000 during the week ending 1/6, a 26,000-weekly decrease. Though initial jobless claims were expected to increase during the week ending 1/13, they fell by 16,000 down to a level of 187,000.
Existing home sales were at a seasonally adjusted annual rate of 3.78 million in December, a 1% decrease from the month before.
Comments