Housing Market Recap (excerpted from Gate House’s weekly note to clients)

As mortgage rates hit a 22-year high and existing homeowners continue to stay in their homes, new single family home sales hit a 17-month high in July, according to HUD and U.S. Census Bureau data.  Last month’s data recorded a seasonally adjusted annual rate of 714,000 new single-family home sales, up 4.4% from the revised … Read More

Housing Market Recap (excerpted from Gate House’s weekly note to clients)

As anticipated, Chairman Powell maintained a rather hawkish tone Friday afternoon, citing unexpected economic strength in the third quarter as reason to stay vigilant on inflation. “We are attentive to signs that the economy may not be cooling as expected.” Powell said.  The Fed, Powell said, is “prepared to raise rates further if appropriate and intend to hold policy … Read More

Housing Market Recap (excerpted from Gate House’s weekly note to clients)

The Fed will be in Jackson Hole next week, where Chairman Jay Powell is expected to speak following the inflation read last week: CPI registered 3.2% through July, and was up a modest .2% from last month, though core inflation is still elevated in the high 4s. Many believe the moderation has validated the Fed’s posture. Continued U.S. economic strength extending into Q3, however, adds further uncertainty to … Read More

Gate House Partner Hunter Kurtz shares his insights on the challenges for lawmakers around affordable housing at the Millennial Action Project Future Summit 2023

Gate House Partner and Vice Chairman Hunter Kurtz spoke at the the Millennial Action Project’s Future Summit 2023 in Indianapolis, Indiana on August 10, addressing the gathering of Gen Z and millennial state legislators about solutions to the nation’s affordable housing crisis.    Hunter previously served as HUD’s Assistant Secretary for Public and Indian Housing, overseeing the nation’s public housing, Section 8 … Read More

Housing Market Recap (excerpted from Gate House’s weekly note to clients)

Eyes will be on inflation data coming out this week. The news on that front has been trending positive and suggests the Fed is nearing the end of the rate hiking cycle.  As we’ve been discussing here, the second quarter was strong and the third quarter appears to be holding up on the consumer front as well, as the jobs market … Read More

Gate House Partner Michael Marshall reflects on Bob Dole’s legacy

On July 22, Gate House Partner Michael Marshall attended the celebration of Senator Bob Dole’s 100th birthday hosted by the Dole Institute of Politics at the University of Kanas. Afterwards Mike reflected on the Senator’s legacy in the Russell County News, the hometown paper of Bob Dole, recounting his remarkable record of service to our country as … Read More

Housing Market Recap (excerpted from Gate House’s weekly note to clients)

As the market was expecting, the Fed raised interest rates another quarter point Wednesday afternoon, bringing the federal-funds rate to a range between 5.25% and 5.5%, a 22 year high.  There will be eight weeks until the next Fed meeting.  Chairman Jay Powell said there is “uncertainty in the next meeting let alone next year.”  Powell also said he believed they “have a shot” at a soft … Read More

Housing Market Recap (excerpted from Gate House’s weekly note to clients)

It’s a busy week for housing data. The National Association of Homebuilder’s (NAHB) reported its sentiment index rose by 1 point to 56, the seventh straight month of gains and the highest level since June 2022 (> 50 is considered positive) as low supply of existing homes for sale continues to drive demand for new construction. Housing starts and building permits … Read More

Housing Market Recap (excerpted from Gate House’s weekly note to clients)

With U.S. 30-year fixed mortgage rates touching an average of 6.81% this week, the highest yet for 2023 according to Freddie Mac’s mortgage market survey, and despite tightening credit and signs consumers are already pulling back, low unemployment is creating the likelihood consumers can and will continue to spend over the next two quarters, keeping the prospect of … Read More

Housing Market Recap (excerpted from Gate House’s weekly note to clients)

Amidst somewhat surprising signs of resilience this year in the U.S. economy, Fed watchers expect two more rate hikes this year to combat stubbornly high core inflation rates. Goldman Sachs Research’s chief U.S. economist believes a healthy labor market rebalancing that includes a large decline in job openings without an increase in unemployment is a positive sign for the potential for the U.S. to … Read More