The economy is now out of the technically deepest recession in US history as the GDP rose at an annualized rate of 33.1% in the third quarter.
Amid more intense buyer competition, rising prices, and higher credit qualifications, the share of first-time buyers continued to decline to 31% in September.
Fewer people applied for unemployment benefits last week. Both new and total claims dropped significantly, implying that there is job creation and people are able to find jobs again.
As of September, 41 states had job gains but employment has not recovered to pre-pandemic levels (February 2020) in all states.
Housing market activity this September rose 9.4% from August 2020, and sales of existing homes jumped 21% from September 2019.
Seasonally adjusted advanced estimates of United States retail and food services sales continued its upward trend for the month of September as sales continue to exceed pre-pandemic levels.
REALTORS® reported conducting more home tours, with an average of nearly five in-person home tours compared to only two new listings per agent.
The 30-year fixed-rate mortgage reached a new record low for the second consecutive week, falling to an average 2.80% from 2.81% the previous week.
The new September 2020 NAR Sentrilock Home Showings Report indicates a slight decrease in nationwide foot traffic, but showings remain at historically elevated levels as home showings for three of the four regions saw increases in year-over-year activity.
A gain of 8.1% from a year ago to 1.415 million new unit production (annualized) is good but far more units are needed.
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