What’s on the financial calendar for the week of 11/20 to 11/24?

Man newspaper reading on table | mortgage rate news

What’s on this week’s financial calendar?

The following events, reports, and scheduled announcements could have an impact on the financial markets this week:

Monday, November 20th

U.S. leading economic indicators – Oct 2023
Richmond Fed President Tom Barkin TV appearance

Tuesday, November 21st

Existing home sales – Oct 2023
Minutes of Oct 31 – Nov 1 FOMC meeting

Wednesday, November 22nd

Initial jobless claims – Week of Nov. 18
Durable goods orders – Oct 2023
Durable goods minus transportation – Oct 2023
Consumer sentiment (final) – Nov 2023

Thursday, November 23rd

Thanksgiving holiday – none scheduled

Friday, November 24th

S&P flash U.S. services PMI – Nov 2023
S&P flash U.S. manufacturing PMI – Nov 2023

Are we inching towards a balanced housing market?

A recent article from Realtor.com detailed the current state of the housing market and market trends that could impact 2024. For most of 2023, the housing market has favored sellers, but that’s been slowly starting to change as mortgage rates in the 7% to 8% range have kept some potential homebuyers on the sidelines. However, this could start to change as a few economic factors are working to bring balance back to the market.

Sam Khater, Freddie Mac’s chief economist, stated, “The combination of continued economic strength, lower inflation, and lower mortgage rates should likely bring more potential homebuyers into the market.”

While Hannah Jones, economic analyst for Realtor.com, said, “Recently falling mortgage rates may breathe life into buyer activity, which may mean more pressure on home prices as growing demand burdens low inventory levels. However, should homeowners respond to falling mortgage rates by entering the market, we could see a more balanced housing market in the coming months.”

What are the signs of a cooling housing market?

If you’re on the sidelines looking in, a recent article from Motley Fool details the signs you should look for in a housing market that’s starting to cool off.

First, keep an eye on how long homes sit on the market. The national average for median days on the market in the U.S. in October 2023 was 50 days. However, this can vary by season and by market conditions. It’s best to keep an eye on the data. Look for the market to speed up in the spring and summer months, and slow down in the fall and winter.

Second, watch inventory metrics. If the number of available homes increases dramatically, that’s a key sign that the market could be cooling off.

Third, look for price cuts on existing homes that are on sale. If you see asking prices start to lower, that also could indicate that the housing market is cooling off, and there may be an opportunity to buy.

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