MarketMinute | Inventory is up, but is it enough? - Greenway Mortgage Blog

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MarketMinute | Inventory is up, but is it enough?

May 24

4:33

AM

Category | Markets in a Minute

According to minutes from last month's Fed meeting, officials believe current policy is restrictive enough to bring inflation down further.

May's PMI measure of private sector economic health topped estimates to hit its highest level since April 2022, led by the services segment.

New claims for unemployment benefits fell last week, as labor market strength continued to support the economy.

Housing News

Sales of previously owned homes fell 1.9% from March to April and at the same rate year over year.

First-time buyers were back in April, accounting for 33% of sales, up from 29% a year ago. Cash buyers represented 28% of transactions.

Total housing inventory at the end of April was up 9% month to month and 16% year over year but was still at just a 3.5-month supply.