The seller’s market continues around the Oklahoma City Metro Area, but it has softened somewhat (ever so slightly) during our “summer swoon”. Mortgage rates trended downward at the beginning of last week to some of their lowest levels since February. Construction spending rose, mortgage applications decreased, and ADP employment increased. Jobless claims edged lower and continuing jobless claims fell to a new pandemic low. Average hourly earnings and average weekly hours increased. Government payrolls, manufacturing payrolls, non-farm payrolls, and private payrolls all rose as well. The unemployment rate fell, while the participation rate climbed. So far, so good, but if you’re in the market to buy or sell, stay on your toes!!
For a bullet by bullet market recap, check out the data below!
- Construction spending rose slightly in June, climbing 0.1% month-over-month with single-family homebuilding up 1.8%.
- Mortgage application submissions saw a composite decrease of 1.7% during the week ending 7/30. The Refinance Index fell 2% while the Purchase Index dropped 2% — likely reflecting the ongoing inventory shortage.
- Initial jobless claims fell to 385,000 during the week ending 7/31. Continuing jobless claims fell to their lowest pandemic level during the week ending 7/24 – 2.93 million.
- The employment situation improved in July. Average hourly earnings increased 0.4%, while average weekly hourly inched up to 34.8. Government payrolls rose by 240,000, manufacturing payrolls rose by 27,000, non-farm payrolls rose by 943,000, and private payrolls rose by 703,000. The participation rate inched up to 61.7% while the unemployment rate fell to 5.4%.
If you’s like specifics on your neighborhood, community, or home then give me a call, or shoot me a text/email. I can pull together a report for your immediate area in about 5 minutes! Stay safe out there and enjoy the last few weeks of Summer!
Robert Gideon II