Market News 02-15-19
Mortgage Market Update
Producer prices fell for a 2nd straight month in January, leading to the smallest annual increase in 1-1/2 years. Low or absent inflationary pressure is good for interest rates. Retail sales recorded their biggest drop in 9+ years in December as receipts fell across the board, suggesting a slowdown in economic activity at the end of 2018. Jobless claims rose last week, pushing the 4-week moving average of claims to its highest level in just over a year & suggesting some moderation in job growth.
Most markets across the country are still seeing home prices inch up, although at a slower pace than in previous quarters. The national median price is $257,600. The home theater is moving out of the basement and into the main living area. Home theaters are being replaced by comfy, cozy multifunctional media rooms. A new report shows that only 13% of offers written by agents for their clients faced a bidding war last month—down significantly from 53% a year ago.