Morning Report: Median home prices rise

Vital Statistics:

 

Last Change
S&P futures 3216 2.1
Oil (WTI) 40.34 -0.22
10 year government bond yield 0.61%
30 year fixed rate mortgage 3.02%

 

Stocks are flattish as we head into the heart of earnings season. Bonds and MBS are flat as well.

 

Aside from earnings, we should have a quiet week on the data front, with only new home sales on Friday. There will be no Fed-speak ahead of the FOMC meeting next week.

 

Quicken disclosed that it earned between $3.35 and $3.55 billion in the second quarter, according to its updated prospectus.

 

The US median home price rose 3% in June, according to Redfin. “The market has remained very competitive even as we’re getting towards the late summer months when things usually begin to cool off,“ said Redfin Detroit agent Tony Orlando. “We saw a spike in homebuying immediately after real estate reopened in May, and ever since then we’ve been busy. At this point, homebuyers are assuming that they’ll have to pay a lot more for a home than they initially expected due to all the competition. Today’s record-low mortgage rates help with that some, but the upfront costs are still a tough pill to swallow.”

 

Redfin median price

 

 

Author: Brent Nyitray

In the physical sciences, knowledge is cumulative. In the financial markets, it is cyclical

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