Record High U.S. Home Prices in July

Market indexes began this Tuesday morning roughly flat, ahead of a couple key data points released before the bell: Advance Trade in Goods for August and Case-Shiller Home Prices for July. Neither will carry the impact of the mass of jobs data we’ll get beginning tomorrow, but both demonstrate economic implications for the U.S. going forward.

The Advance Trade in Goods number for last month was, simply, the deepest deficit on record: -$82.9 billion. This is notably worse than the $78.9 billion expected by analysts and the downwardly revised -$80.1 billion for July. Imports rose 3.1%, led by Consumer Goods and Autos, up 7% and 6.2%, respectively. By comparison, Exports rose 2.8%, with Industrial Supplies 10.6% higher but Capital Goods down 3.9% on the month.

What these numbers suggest is that the U.S. is bouncing back from the coronavirus pandemic more slowly than other regions around the world, particularly Asia,

Read More Read more

Foxconn ‘tops off’ High Performance Computing Data Center Globe | Local News

Capping off the globe

Foxconn Technology Group and construction manager Mortenson have announced the structural steel completion of its 100-feet-tall High-Performance Computing Data Center in the Wisconn Valley Science and Technology Park in Mount Pleasant. Foxconn and Mortenson are to soon begin the process of installing 642 pieces of glass in the globe. The data center is located along Highway H.

MOUNT PLEASANT — Foxconn Technology Group and its construction manager, Mortenson, announced Thursday the completion of structural steel for the 100-feet-tall High-Performance Computing Data Center Globe located at the Wisconn Valley Science and Technology Park.

Foxconn and Mortenson are soon to begin the process of installing 642 pieces of glass on the globe through the end of the year. To date, Foxconn has invested about $750 million in

Read More Read more

‘Uncertainty is extremely high … amid layoffs, evictions, foreclosures and bankruptcies’


a tall building lit up at night: The lights are coming back on for the U.S. economy, but there’s still a long way to go to get back to normal.

© Getty Images
The lights are coming back on for the U.S. economy, but there’s still a long way to go to get back to normal.

The U.S. economy grew more slowly in August as anxiety over the coronvirus, the end of federal benefits and an increase in permanent job losses hindered the recovery, the Federal Reserve said Wednesday.


Load Error

Read: Economy softened in August as some temporary layoffs turn permanent

Here’s some of the more noteworthy takeaways from the Fed report:

Boston: “Business contacts continued to cite the disruptive effects of the pandemic on all aspects of their activity, even as recovery began or continued in some sectors,” the Boston Federal Reserve said.

The Boston Fed is one of 12 regional Fed banks scattered around the country. The information collected by the banks from businesses in their districts form the basis of the Beige Book’s

Read More Read more

Existing home sales jump to 14-year high, as prices set another record

After a record-setting July, the housing market still shows no sign of cooling off.

Sales of existing homes rose 2.4% to a seasonally adjusted annualized rate of 6 million units, according to the National Association of Realtors. Sales were 10.5% higher compared with August 2019. This is the highest sales pace since December 2006, before the Great Recession.

Sales were hampered only by lack of supply. There were 1.49 million homes for sale at the end of August, down 18.6% annually to a 3.0-month supply. The number of homes for sale when sales were last this robust, in 2006, was more than double the current supply.

That tight supply pushed the median price of an existing home sold in August to a record high of $310,600. That is up 11.4% annually. In the third quarter of this year the housing wealth will have increased by $1.5 trillion from the second

Read More Read more

US House Prices Hit Record High; Home Sales At 14-Year Peak

U.S. home sales surged the most in nearly 15 years last month, while median prices hit an all-time high and sale times narrowed as housing continues to pace the nation’s economic recovery. 

Existing home sales rose 2.4% from last month to a unit rate of 6 million, the third consecutive month of gains and the highest pace of gains since 2006, according to data published Tuesday by the National Association of Realtors. Sales as a whole rose 10.5% from last year, the NAR said.  

The median price of house sales also increased, rising 11.4% from the same period last year to a record high of $310,600, marking 102 consecutive year-over-year gains for the monthly data as demand for larger-area living spaces outside of traditional urban centers continues to increase. 

Inventory for sale is also fairly constrained, at just 2.8 months’ supply, with the NAR noting that total housing inventory at

Read More Read more

U.S. existing home sales approach 14-year high; prices scale record peak

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. home sales surged to their highest level in nearly 14 years in August as the housing market continued to outperform the overall economy, but record high home prices could squeeze first-time buyers out of the market.

The report from the National Association of Realtors confirmed home sales had recovered after slumping when the economy almost ground to a halt as businesses were shuttered in mid-March in an effort to slow the spread of COVID-19.

Demand for housing is being fueled by record-low mortgage rates and a pandemic-fueled migration to suburbs and low-density areas in search of more spacious accommodation as many people work from home. Federal Reserve Chair Jerome Powell told a congressional panel on Tuesday that the economy has shown “marked improvement” since plunging into recession in February, though the path ahead remains uncertain.

“The housing market has continued its remarkable recovery

Read More Read more

The Median U.S. Home Value Has Reached a Record High — and That’s Bad News for Buyers

A real estate agent shows a couple with an infant a house.

Image source: Getty Images

With the U.S. economy in a recession, you’d think home prices would be on the decline. But that’s the opposite of what’s going on in the housing market.

The median price of existing home sales in August hit a record high of $310,600, according to the National Association of Realtors. Furthermore, it took just 22 days on average to sell a home in August. How’s that for defying the odds?

Why are home prices soaring?

The reason sellers command such high prices for their homes today boils down to low supply and high demand. Many sellers have held back on listing their homes during the coronavirus pandemic. As a result, there’s less inventory for buyers to choose from, so those who want to purchase homes must pay a premium. Many buyers are engaging in bidding wars, thereby paying well over sellers’ asking prices.

Of course, the

Read More Read more