What could move the mortgage market this week?
Jobs and housing data will be top of mind for most markets in the coming days. This week has the following events to watch out for:
Monday, November 28th
Interview with St. Louis Fed President
Tuesday, November 29th
S&P Case-Shiller US home price index
FHFA US home price index
Consumer confidence index
Wednesday, November 30th
ADP employment report
Real GDP, Real gross domestic income, Real domestic final sales
Job Openings & Quits data
Pending home sales index
Fed Chairman speaks at Brookings Institute
Beige Book
Thursday, December 1st
Initial & continuing jobless claims
PCE & Core PCE price index
Real disposable income & real consumer spending
Construction spending data
Friday, December 2nd
Nonfarm payroll data
Unemployment rate
Average hourly earnings
Labor-force participation rate, 25-to-54-year-olds
Morgan Stanley updates 2023 housing market outlook
Based on updated housing market data the economics team at Morgan Stanley believes that the housing market has moved into a new trajectory instead of just a blip or outlier. The team announced that they believe that U.S. home prices will fall another 4% in 2023, and the cool off may extend into 2024.
They also believe that inventory will continue to be tight. The lack of inventory won’t keep home prices from declining, but it may create a market floor.
New home sales jump in October 2022
U.S. new home sales rose 7.5% in October 2022. The initial forecast for October 2022 was revised upward to 632,000. The median price for new homes sold was also up in October. The median price of a new home in October 2022 was $493,000, up from $455,700 the previous month.
The supply of new homes was also up 1.5% between September and October. Market estimates claim that there is an 8.9-month supply of homes on the market, up from 5.7-months of supply in January.
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- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
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