What’s on this week’s financial calendar?
The following announcements, events, and reports are scheduled for the week of August 12th to August 16th:
Monday, August 12th
Monthly U.S. federal budget – July 2024
Tuesday, August 13th
NFIB optimism index – July 2024
Producer price index – July 2024 & year-over-year
Core PPI – July 2024 & year-over-year
Wednesday, August 14th
Consumer price index – July 2024 & year-over-year
Core CPI – July 2024 & year-over-year
Thursday, August 15th
Initial jobless claims – Week of August 10th
Empire State manufacturing survey – August 2024
Philadelphia Fed manufacturing survey – August 2024
U.S. retail sales – July 2024
Retail sales minus autos – July 2024
Import price index – July 2024
Import price index minus fuel – July 2024
Industrial production – July 2024
Capacity utilization – July 2024
Business inventories – June 2024
Friday, August 16th
Consumer sentiment – August 2024
Housing starts – July 2024
Building permits – July 2024
Home builder confidence index – July 2024
Where did mortgage rates end last week?
The national average rate for a 30-year, fixed-rate mortgage ended Friday down 0.09% to 6.54%* on Friday. Mortgage rates had been ticking upward, and were due for a correction, and the market delivered on Friday.
The next key data point that will likely give the mortgage rate market direction is Wednesday’s inflation data. Another cool report could help the bond market rally continue and send the mortgage market lower. It would also virtually ensure that the Fed would look to cut rates at the September meeting.
What’s happening with the Florida housing market?
A recent article from Realtor.com highlighted the duality of the Florida housing market. On the coasts, condo prices are sliding lower due to insurance costs and assessment fees, while inland markets are finding stability and appreciating in value.
Joel Berner, a senior economist at Realtor.com, stated, “I am feeling a major slowdown in the market. I feel like it’s a buyer’s market right now, unless the house is perfect and perfectly priced.”
Florida is considered a bellwether for the housing market. It currently accounts for 1 of every 8 listings for sale in the U.S. and is actually a bigger market than California from a volume perspective.
Florida is also seeing migration from the southern and coastal communities to the northern areas. The reason for the trend is simple. Amy Simmonds, a realtor and the principal of The Simmonds Team Compass in Palm Beach, said, “They’re cashing out in Miami and buying a brand-new, adorable little house in Port St. Lucie for $600,000.”
Affordability in most markets appears to be top of mind for homebuyers, and it looks like Florida isn’t any different from the rest of the country.
* National average rates as of 8/9/2024 are included for educational purposes only and are not advertised rates from Rate.
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