Employers added a whopping 271,000 jobs last month, giving the Fed a good reason to raise rates next month. Don't worry, mortgages are still really cheap and likely to stay that way for a while.
The Redfin Housing Demand Index posted its smallest annual increase so far this year, inching up only 0.3 percent to 93 in September from 92 a year earlier. Fewer people are touring and those who are have less to choose from, but they’re still making offers.
San Francisco home values rose nearly 15 percent in September from a year ago, posting a median sale price of $1.1 million. Fewer properties went on the market, pushing sales down more than 25 percent.
Homebuilders have a sunny outlook as we head into winter. Why? Today we learned that construction of single-family homes is picking up, but just barely, and building permits are down.
Last week, Democrats debated, but not about housing. Fortunately there was a candidate housing summit later. Unfortunately, no A-listers showed. This week: News on home sales and construction, Marty McFly gets some good news about his house, and a bug-infested ballroom.
Last week's jobs report catapulted us into Bizarro World - Why is labor so weak when cars and the housing market are robust? We're not sure. And Congress - not the Fed - might be the biggest risk to mortgage rates right now.