Introduction
A quiet data week delivered **loud** signals: the Fed’s preferred inflation gauge (**Core PCE**) edged up again, **new-home prices** fell year over year with inventory still elevated, and **jobless claims** remained historically low. Mortgage rates? **Little changed**, per the CrossCountry Mortgage update. Consider this your investor-first, scan-proof brief.
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This Week’s Signals (at a glance)
* **Inflation:** **Core PCE = 2.9% YoY (July)**, up from 2.8% in June; headline PCE 2.6% YoY. *Sticky, but not re-accelerating.* ([Bureau of Economic Analysis][1], [Reuters][2])
* **Housing — New Homes:** **Sales 652k SAAR (July)**; **median price \$403,800 (−5.9% YoY)**; **homes for sale 499k**—still near post-2009 highs. ([Census.gov][3])
* **Labor:** **Initial claims 229,000**—one of the timeliest reads that hiring is cooling but layoffs remain limited. ([DOL][4])
* **Market wrap (from the email):** **Mortgage rates: flat**; **Dow −100**; **Nasdaq +100**.
On **page 1** of the email, the *Core PCE* bar chart shows the gradual rise into July; **page 2** lays out next week’s calendar (ISM, Factory Orders, ISM Services, Jobs).
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Macro: Inflation & the Fed (Why 2.9% Core PCE matters)
Core PCE at **2.9%** keeps inflation **above the Fed’s 2% target**, but the in-line print reduces the odds of a surprise hawkish turn. Markets continue to lean toward a **rate-cut path** contingent on an orderly labor cooldown. For mortgage pricing, the **10-year Treasury** remains the anchor—so watch how upcoming **PCE/CPI/Jobs** color that yield. ([Bureau of Economic Analysis][1], [Reuters][2])
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Housing: New-Home Sales vs. Price & Supply
July’s **new-home sales** beat consensus, but are still below last year; **median price slipped to \$403,800 (−5.9% YoY)** and **inventory stayed elevated (≈499k for sale)**—a setup that historically **coaxes more builder incentives** rather than broad price cuts overnight. Existing sales (a lagged “closings” metric) improved last week, but **new-home contracts** are the **leading** pulse to watch. ([Census.gov][3])
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Labor: Claims = 229k (Steady)
Weekly **initial claims** eased to **229,000**, consistent with a labor market that’s **loosening, not breaking**. It’s one reason rate markets think the Fed can start dialing back restraint without risking a hard pivot. ([DOL][4])
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Mini-Infographic — Benchmarks at a Glance
| Indicator | Latest | Direction |
| ————————– | ————————–: | :————— |
| **Core PCE (YoY)** | **2.9% (Jul)** | ▲ vs. Jun (2.8%) |
| **New-Home Sales (SAAR)** | **652k (Jul)** | ▲ vs. Jun |
| **Median New-Home Price** | **\$403,800 (Jul)** | ▼ **−5.9% YoY** |
| **Initial Jobless Claims** | **229k (wk ending Aug 23)** | ▬ low |
*Sources: BEA (Core PCE), Census/HUD (New Residential Sales), DOL (Claims). These align with the CrossCountry Mortgage “Weekly Market Update” summary.* ([Bureau of Economic Analysis][1], [Census.gov][3], [DOL][4])
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NYC / Investor Lens — What to Do Right Now
**1) Lock discipline around catalysts.**
With Core PCE in line and **jobs/PCE** next on deck, set lock alerts off the **10-year yield**. Small yield moves can **improve pricing tiers** even when weekly averages look “flat.” ([Bureau of Economic Analysis][1])
**2) Shop incentives in new-dev & sponsor units.**
Elevated **new-home inventory** tends to surface **rate buydowns, closing credits, and upgrade packages**—use that to bridge appraisal gaps or monthly payment targets. ([Census.gov][3])
**3) Model two lanes: conforming-high-cost vs. jumbo.**
At NYC price points, toggling loan amount/points to fit **high-cost conforming** can out-price jumbo on some days; run both before you lock. *(Email us for a side-by-side APR and cash-to-close.)*
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Week Ahead (from the email’s calendar)
* **Tue 09/02 — ISM Manufacturing**
* **Wed 09/03 — Factory Orders**
* **Thu 09/04 — ISM Services**
* **Fri 09/05 — Employment (Jobs, UE Rate, Wages)**
Also: **Mortgage markets closed Mon for Labor Day.**
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Helpful
* **BEA – PCE & Core PCE (official tables)** for July 2025. ([Bureau of Economic Analysis][1])
* **Census/HUD – New Residential Sales (press release + PDF)** for July 2025. ([Census.gov][5])
* **DOL – Weekly Unemployment Claims (news release PDF).** ([DOL][4])
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Agent Takeaway (Brass tacks)
* Keep **pre-approvals refreshed**; a 10–15 bp swing post-data can open an extra **neighborhood tier**.
* **Lead with options:** no-point vs. discount-point, ARM vs. fixed, conforming-high-cost vs. jumbo—**show the trade-offs** in one page.
* Track **sponsor incentives**; it’s the cleanest lever when monthly targets are tight.
*Prepared for investors, buyers, and renters-turn-buyers who want the **NYC edge** without the noise.*
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Sydney Harewood is a real estate professional with a passion for NYC’s architectural gems. For inquiries, call or message Syd at 📞646-535-3819. Experience the finest in NYC real estate with Syd’s expert guidance and deep knowledge of the city’s most exquisite properties.
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