Higher prices and longer wait times do not appear to be turning buyers away from new homes. With robust demand, homebuilder confidence rose to the highest level since May.
Despite strong builder confidence, new home starts unexpectedly fell 0.7% in October. Activity remains constrained by shortages of materials and scarce land and labor.
Total mortgage application volume fell 2.8% last week compared with the previous week. However, purchase apps were up 2% for the week as buyers appear to be coming back.
Retail sales, a measure of how much consumers spent on goods ranging from autos to food and gas, rose faster than expected in October, even as inflation pushed prices higher.
Despite the strong sales, consumer sentiment hit a 10 yr low in November. Consumers are concerned about the current surge in prices of goods and services.
Jobless claims dropped again last week, as the labor market recovery continues. Now a shortage of workers seems to be the obstacle to faster job growth.
Avg. Sales Price
Rent vs. Own