Friday Market Update for the Week of October 30th

Happy Friday! Brian Manning here with the weekly update, let’s get right to it.

So Monday this week, stocks were down really just waiting on congress to see if they can come up with a stimulus deal, but really no dice there. We also had stocks down based on COVID cases spiking here in the US and in Europe and on Monday we got new home sales. New home sales, on a year-over-year basis are up 32%. Just phenomenal to see the housing market, really strong and very much staying resilient through this entire pandemic.

Tuesday this week, stocks were still down. Really, stocks have just been down all week because congress was unable to come up with a stimulus deal and certainly equities markets were feeling this. And then also, we got a Case-Shiller. Case-Shiller gave us feedback on home appreciation for the month of August so home appreciation was up 5.7%. So month over month over month, we’re seeing great, consistent home appreciation here. Also, the FHFA put out a report and the FHFA said that across the country, homes that have conventional mortgages attached to them had appreciated at 8%. So, they had an even better report than Case-Shiller which is amazing to see.

Wednesday this week, stocks still down again all based on COVID cases spiking and just really having an impact on stocks all week long. And Thursday we also got pending home sales. Pending home sales was just a really strong blockbuster report because on a year-over-year basis, pending home sales are up 20% which is phenomenal. Inventory, though, unfortunately is down 19%. So we’re still seeing strong housing markets, strong appreciation, housing staying resilient through this whole thing, and a lot of this has to do with very low inventory and there’s a good indicator, inventory is down 19%.

Overall this week, mortgage rates stayed relatively flat. We did see a little worsening, so we saw a slight increase in mortgage rates but it was nothing significant and they really stayed pretty flat all week long.

I’m available all weekend, if you have any questions, let me know. I’d love to help you in any way I can. If you need a pre-approval done, call me on my cell phone, text me, just reach out at any time. Happy Friday, hope you have a great day.