Market Moment Blog -- Aug 10, 2020
Initial jobless claims fell more than expected last week to the lowest since the pandemic started. The broad decline across nearly all states suggests labor market improvement. Additionally, the ISM Manufacturing Index increased to 54.2 in July, indicating manufacturing expansion for the 3rd consecutive month. This contributes to the decrease in jobless claims.
Interest rates continue at an all-time low with 30-yr Conventional at 2.875%! Home prices continue to creep higher with approx. 1% increase in June.
Construction spending declined slightly, but overall is higher than this time last year.
As for our local market (greater Albuquerque area), this past week saw 536 New Listings, 507 New Pending contacts with a total of only 1556 properties listed in the Albuquerque MLS. As you may recall, this is lower that July's average of 1600 properties being listed.