Enjoy this quick update on what happened this week in the housing and financial markets.
THE ECONOMY
- Consumer prices rose 0.2% in November, as an increase in energy costs offset a drop in food prices. Overall prices are up 1.2% over last year, keeping inflation in check.
- Congress continues to work on a relief plan of nearly $1 trillion, which will likely be part of a larger spending bill that may get done sometime next week.
- Jobless claims surged last week to 853,000, the highest number since September 19. Continuing claims saw their first increase since August, up 230,000 to 5.76 million.
HOUSING NEWS
- NAR reports 1 in 3 people have transitioned to full or partial remote work during the pandemic, freeing them up to move. 8.93 million people have relocated this year.
- The pandemic economic downturn has coincided with a booming housing market. October existing home prices for all housing types jumped 15.5% over last year, according to NAR.
- Online searches for manufactured homes saw an annual increase of more than 50% from May to September. The increased interest came as single-family home prices soared.
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