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Economic update for the week ending July 18, 2020

Stocks markers  higher for the third straight week - Investors were encouraged by another surge in retail sales, the largest industrial production increase in 60 years, positive economic data from China and Europe, and research showing vaccine trials had been successful in immunizing participants.  The Dow Jones Industrial Average closed the week at 26,671.95 up 2.3% from 26,075.30 last week. It’s down 6.5% year to date. The S&P 500 closed the week at 3,224.73, up 1.2% from 3,184.04 last week. It’s down 0.2% year to date. The NASDAQ closed the week at 10,503.19, down 1.1% from 10,617.44 last week. It’s up 17.1% year to date. 
U.S. Treasury bond yields The 10-year treasury bond closed the week yielding 0.64%, unchanged  from 0.65% last week. The 30-year treasury bond yield ended the week at 1.33%, unchanged  from 1.33% last week.
30-year fixed rates drop below 3% - The July 16, 2020 Freddie Mac Primary Mortgage Survey reported mortgage rates for the most popular loan products as follows: The 30-year fixed mortgage rate average was 2.98%, down from 3.03% last week. The 15-year fixed was 2.48%, down from 2.51% last week. The 5-year ARM was 3.06%, up from 3.02%  last week. 

Existing home sales rebound in June - The California Association of Realtors announced that existing home sales surged 42.4% in June from May‘s sales totals. Existing home sales totaled 339,910 on a seasonally adjusted annualized rate in June. That was down 12.8% from June 2019. Fortunately, pending sales have also increased dramatically. The California Association of Realtors expect sales to be back to pre-pandemic levels by July or August. Prices also surged in June. The state-wide median price paid for a home in June was $626,170. That represented a 6.5% increase from May and a 2.5% increase from last June. Inventory levels declined to a 2.7 month supply of homes for sale which explains the number of homes selling with multiple offers. On a regional basis Los Angeles County had a 1.8% year over year increase in the median price. Ventura County had a 8.2% year over year increase in the median price. Orange County had a 3.3% year over year increase in the median price.



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