Market Recap for Dec 2020

  • The S&P CoreLogic Case-Shiller Home Index revealed that home prices rose at the fastest rate in six years in October – rising 7.9% from last year and 1.3% month-over-month.
  • Mortgage application submissions saw a composite increase of 0.8% for the week ending 12/18. Refinance application submissions increased 4% from the week before and are up 124% year-over-year. Purchase submissions decreased 5% week-over-week but are still up 26% year-over-year.
  • Pending home sales declined for the third straight month in November, falling 2.6% from the month before. However, they are still up 16.4% year-over-year.

For the week ending 12/26, initial jobless claims dropped by nearly 20,000 due to an adjustment in the previous week’s number. Falling from 806,000, initial jobless claims dipped to 787,000. For the week ending 12/19, continuing jobless claims fell from 5.32 million to 5.22 million.

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