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MarketMinute | Wondering How Home Sales Are Going?

Mar 25
8:35
AM
Category | Markets in a Minute

 

  • Fed Chair Jerome Powell commented this week that "inflation is much too high" and the Fed would raise policy rates until it is under control.
  • Supply chain issues caused factory durable goods orders to fall more than expected in February, snapping a 5-month streak of increases.
  • Last week's jobless numbers hit the lowest level since 1969. Fed Chairman Powell described the labor market as "tight to an unhealthy level."

  • February’s existing home sales fell more than expected, down 7.2% from January, as mortgage rates rose and supply remained tight.
  • New home sales also dropped in February, falling 2% for a second straight monthly decline. They were still above their pre-pandemic level.
  • Quickly rising mortgage rates contributed to a 2% decline in purchase applications last week. Apps were 12% lower year over year.

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