- Stocks continue to rally to new highs as investors become more optimistic that multiple COVID-19 vaccines will help speed up an economic recovery as we head into 2021.
- An emergency stimulus package by the end of the year is now a possibility. Politicians have returned to the negotiating table as COVID-19 counts rise and the economy falters.
- Jobless claims dropped to a pandemic-era low of 712,000 last week. Continuing claims also fell, dropping to 5.52 million.
- Mortgage demand was up as new purchase applications jumped 9% last week and were 28% higher annually. Refinance applications fell 5% but were still 102% higher than a year ago.
- Pending home sales unexpectedly fell by 1.1% in October but were still 20.2% higher than in October 2019. Low inventory likely caused the decline.
- New home sales were up 41% year over year in October. The median price of a new home was $330,600, up from $322,400, as prices increased for land, labor and material.