Blog
- Consumer prices for April were up 4.2% over last year, the biggest jump since 2008. A large increase was expected because of last year's economic shutdown.
- Producer prices also rose in April, signs of a growing wave of inflationary pressure. Expectations of rising inflation could push mortgage rates higher.
- Jobless claims fell again, with applications last week coming in at 473,000, a new pandemic-era low. The labor market continues to improve as people return to work.
- Last week's purchase mortgage applications were up 13% from a year ago. Refinance apps were up 3% for the week but down 12% over last year's record numbers.
- Homebuyers are the most pessimistic they've been in a decade, thanks to tight supply. Inventory is at a record low, and prices are rising at the fastest pace in nearly two decades.
- NAR released a report Tuesday showing 89% of metro areas across the country had double-digit pricing increases. The median sales price rose to $319,200, up 16.2% over last year.
.jpg)
