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If you're short on time, we've got your back. Here's all you need to know about the most important market reports released this week.
1. Despite an increase of 3,000 jobless claims this week, the figure remains historically low.
The four-week moving average of claims fell to 263,250 last week—the lowest since December 1973. "Employers may not be adding jobs at the same pace as earlier in the year, but they appear content with their current workforce,” Plante Moran Financial Advisors' CIO Jim Baird says.
2. Existing homes sales rose 4.7% last month (but condo sale rates remain unchanged.)
The rate of condo sales remained stagnant, hitting 620,000 for September. But the good news is that it's a 3.3% increase from 12 months earlier, the existing-homes report says. The difficulty in wage gains has made it harder for people to purchase homes.
3. August 2015's home-price appreciation slowed to 0.3%.
The Federal Housing Finance Agency says that year-over-year appreciation also fell to 5.5%, aligning with the more modest Case-Shiller data.
4. Mortgage application volumes were volatile this month, despite low rates at 3.95%.
The Mortgage Bankers' Association found the purchase index jumped 16% last week after falling 34% the week before. The refinancing index went up 9%.
5. The housing market index showed a strong gain in sales this month, standing at 64.
This month had the highest forecast since 2005. Current sales rose 3 points to 70. Developers are motivated to build more supply thanks to low interest rates.
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