US Housing Market Rapid Response Existing Home Sales (Aug. 2024) The slump in existing home sales in August shows that the sharp fall in mortgage rates since late-July is yet to stimulate the market, although the signs of life in last week’s purchase mortgage... 19th September 2024 · 2 mins read
US Housing Market Rapid Response Housing Starts (Aug. 2024) The large rise in housing starts in August was due to a rebound in starts in the south, confirming that the July slump was a temporary disruption caused by Hurricane Beryl. The increase in permits... 18th September 2024 · 2 mins read
US Housing Market Rapid Response Mortgage Applications (Aug. 2024) The drop in home purchase mortgage applications in August is surprising given the sharp fall in mortgage rates the month before. Some would-be buyers may be delaying their purchases due to increased... 4th September 2024 · 2 mins read
US Housing Market Rapid Response Case-Shiller/FHFA House Prices (Jun. 2024) The muted 0.2% rise in the national Case-Shiller house price index in June was no shock considering that buyer demand collapsed that month, while supply kept growing. With the spring selling season... 27th August 2024 · 2 mins read
US Housing Market Rapid Response New Home Sales (Jul. 2024) The surge in new home sales in July was driven by pent-up buyers taking advantage of the sharp drop in borrowing costs last month, after having been sidelined earlier this year by high mortgage rates... 23rd August 2024 · 2 mins read
US Housing Market Rapid Response Existing Home Sales (Jul. 2024) The small rebound in existing home sales in July seems underwhelming after last month’s large drop in mortgage rates, but the data are based on completed transactions and so it will take at least... 22nd August 2024 · 2 mins read
US Housing Market Rapid Response Housing Starts (Jul. 2024) The slump in both housing starts and building permits in July, to the lowest levels since the epoch of the pandemic, only partly reflects the temporary impact of Hurricane Beryl. Accordingly, even... 16th August 2024 · 2 mins read
US Housing Market Rapid Response Mortgage Applications (Jul. 2024) July was a disappointing month for mortgage activity overall, with earlier high borrowing costs causing home purchase applications to slide by 5.4% m/m. All the attention, however, will be on the last... 7th August 2024 · 2 mins read
US Housing Market Rapid Response Case-Shiller/FHFA House Prices (May 2024) Another moderate 0.3% m/m rise in house prices in May adds to the evidence that sellers are losing their grip on the market due to increasing supply. Do not write our forecast for a 5% gain in house... 30th July 2024 · 1 min read
US Housing Market Rapid Response New Home Sales (Jun. 2024) New home sales were essentially unchanged in June after their 15% slump the month before, not helped by mortgage rates which remained stubbornly high at around 7%. So far in July, borrowing costs have... 24th July 2024 · 2 mins read
US Housing Market Rapid Response US Existing Home Sales (Jun. 2024) The sharp rise in mortgage rates in April was the catalyst for existing home sales falling to a 13-year low in June. However, borrowing costs have since receded and timelier indicators of activity... 23rd July 2024 · 2 mins read
US Housing Market Rapid Response Housing Starts (Jun. 2024) The rise in housing starts and building permits in June is not as good as it seems at first glance, as it was driven by gains in the volatile multi-family sector, which we think will prove temporary... 17th July 2024 · 2 mins read
US Housing Market Rapid Response US Mortgage Applications (June 2024) The decline in mortgage rates back below 7% helped mortgage applications for home purchase to rise by 5.1% m/m in June. That gain was tiny in the context of the ongoing three-year slump in... 3rd July 2024 · 2 mins read
US Housing Market Rapid Response US New Home Sales (May 2024) The 11.3% m/m decline in new home sales in May will steal all the headlines, but it largely reflected a significant upward revision to the April sales number, leaving us somewhat confused at the... 26th June 2024 · 2 mins read
US Housing Market Rapid Response US Case-Shiller/FHFA House Prices (Apr. 2024) The second consecutive moderate 0.3% m/m rise in house prices in April could be a sign that the increase in home listings this year has cooled the market. We think rising supply will eventually be... 25th June 2024 · 2 mins read
US Housing Market Rapid Response US Existing Home Sales (May 2024) Existing home sales were essentially flat in May which is somewhat puzzling given that pending home sales and home purchase mortgage applications, which lead transactions by a month, both fell... 21st June 2024 · 1 min read
