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MarketMinute | Are Bidding Wars Still A Thing?

Apr 29
9:19
AM
Category | Markets in a Minute

  • Factory orders for durable goods rose in March, pointing to sustained investment in business equipment that is helping drive economic growth.
  • GDP growth slowed to a 1.4% pace in the 1st qtr, an unexpected change for an economy coming off its best performance since 1984.
  • However, personal consumption, the biggest part of the economy, rose an annualized 2.7% in the 1st qtr, compared with 2.5% at the end of 2021.
 

  • Despite a drop in sales, new home demand remains strong. The number of new homes already sold and not yet started hit the highest level in a year.
  • Rising rates and prices are cooling buyer competition. 65% of homes received a competing bid in March, down 1.7% from February.
  • Pending home sales fell 4.1% in February from January. Although some blame rising mortgage rates, the more likely cause is lack of inventory.
 

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