Vacation home sales are outperforming total existing-home sales. Sales of homes intended for vacation use rose to 109,100 in the past three months of July-September, a 44% gain from the level of 75,600 sales during the same period last year
Slightly fewer people applied for unemployment benefits last week. In the meantime, the number of people receiving unemployment checks continued to fall for the last 8 weeks, dropping by 7% from the previous week.
Mortgage rates hit another record low this week, for the twelfth time since the beginning of the year.
According to the latest release, existing-home sales rose 21% in September from one year earlier while new home sales rose 32%.
Sales/acquisitions of commercial real estate continued to contract in the third quarter, but the decline was smaller in the third quarter compared to the second quarter.
While consumers are not spending on traveling, eating out, and other retail experiences, real PCE in September reflects increased spending towards retail goods, $109.9 billion, while services saw an increase as well of $61 billion.
While the economy grew at its fastest pace ever in the third quarter as a nation, fewer people applied for unemployment benefits last week. Both new and total claims continue to drop, implying that more people are able to find jobs again.
Among all families, the ownership of a primary residence typically accounts for 90% of total wealth.
September's pending home sales pace declined 2.2 last month but rose substantially 20.5% from a year ago.
With mortgage rates hovering near record lows, expect real estate to continue to stay strong, boosting economic growth.
Search Economists' Outlook