Weekly Market Observations - August 27, 2024

Here’s Our Weekly Market Observations :

Payroll growth revised down by over 800k jobs

The Fed strongly hints at cutting rates soon

Existing home sales in July increased 1.3% MOM but decreased 2.5% YOY

Median existing home sales price increased 4.2% YOY to $422,600

Housing inventory increased to 4 months

Average 30-year fixed mortgage rates remain flat at 6.49%