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MarketMinute | More Homes for Sale Going Into The Spring Market

Mar 8

4:57

AM

Category | Markets in a Minute

The number of workers quitting their jobs dropped to a 3-year low in January, indicating labor market conditions were gradually easing.

Services industry growth slowed a bit in February. However, new orders increased to a 6-month high, pointing to underlying strength.

Fed Chair Jerome Powell told Congress the Fed is in no rush to cut interest rates until it is convinced it's won the battle over inflation.

Housing News

Construction spending fell unexpectedly in January, though outlays on new single-family projects grew 0.6% amid strong demand.

Purchase mortgage applications increased 11% last week. Demand was still 8% lower than the same week a year ago.

Inventory has shown signs of slowly increasing, with 14.8% more homes for sale in February than the same time last year.

MarketMinute | New Home Sales are a Bright Spot

Mar 1

4:18

AM

Category | Markets in a Minute

Orders for long-lasting manufactured goods fell by the most in 4 years in January, a sign the economy lost momentum at the start of the year.

Consumer confidence fell in February after 3 straight monthly increases due to concerns about the labor market and the presidential election.

The Fed's favored inflation gauge, the PCE index, showed prices picked up in January, though it was the smallest annual increase in almost 3 years.

Housing News

New home sales ticked up in January. Single-family home sales rose 1.5% from December and 1.8% year over year.

Pending home sales posted their biggest drop in 5 months in January. The NAR blames the weakness on rising mortgage rates.

Higher rates also contributed to lower mortgage application volume last week. Purchase apps fell 5%, and total apps were down 5.6%.

MarketMinute | Housing Inventory is Inching Up

Feb 23

2:10

AM

Category | Markets in a Minute

New unemployment claims fell unexpectedly last week, suggesting that job growth likely remained solid in February.

Minutes from their last meeting showed Fed members were more worried about the risk of cutting rates too soon than keeping them high too long.

After 2 months of solid improvements, consumer sentiment hit a lull in February. Sentiment still ticked up slightly.

Housing News

Single-family production improved slightly in January, though a decline in multifamily construction pushed overall housing starts down.

Existing home sales rose 3% to start the year. The inventory of homes for sale in January increased but is still at a low 3-month supply.

Mortgage rates jumped last week, pushing applications lower. Purchase apps fell 10% for the week and were 13% lower than a year ago.

MarketMinute | What's Gen Z's top platform for homebuying education?

Feb 16

3:49

AM

Category | Markets in a Minute

Shelter prices contributed to higher-than-expected inflation for January, lowering the odds that the Fed will cut rates soon.

Fed members continued spreading the message that they are hesitant to start cutting rates yet and want to see more data first.

Consumer spending fell more than expected in January, after making gains in December. Retail sales dropped 0.8%, more than the expected 0.3%.

Housing News

As mortgage rates rose last week, total applications fell 2.3%. Purchase apps dropped 3% for the week and 12% year over year.

In a recent survey, Gen Z and Millennials named YouTube as their top social media platform to search for homebuying info.

Fewer home sellers are taking price cuts in 2024 than last year despite increasing competition. Both new and active listings are up year over year.

MarketMinute | What group is exiting the housing market?

Feb 9

3:47

AM

Category | Markets in a Minute

Job growth posted a surprisingly strong increase in January, showing the labor market is solid and poised to support broader economic growth.

Fed officials continue to state that policymakers have time to be patient about the timing of Fed policy rate cuts, pressuring mortgage rates.

Jobless claims dropped for the 1st time in 3 weeks, suggesting employers are still largely holding onto workers.

Housing News

REALTOR® (NAR) membership fell in January for the 3rd consecutive month, though there are still over 1.5 million members.

According to Fannie Mae, consumer sentiment toward housing reached its highest level in nearly 2 years, despite concerns about affordability.

Purchase mortgage apps dropped 1% last week and were 19% lower than a year ago. Homebuyer demand flattened with rising mortgage rates.