Blog


MarketMinute | Are Sales Finally Slowing Down?

May 27
9:06
AM
Category | Markets in a Minute

  • Durable goods orders placed with US factories rose in April, highlighting sustained demand for equipment and merchandise.
  • Fed minutes released Wednesday indicated officials are prepared to move ahead with multiple 50 basis points policy rate increases.
  • First-quarter GDP declined at a 1.5% annual pace, greater than the 1.3% Dow Jones estimate and the initially reported 1.4% rate.
 

  • Signed contracts for new homes dropped far more than expected in April, down 16.6% for the month and 26.9% for the year.
  • Pending home sales fell in April for a 6th straight month, as a steep climb in mortgage rates added to the challenge of low inventory.
  • Last week's purchase mortgage apps were down 12% for the week and 15% year over year, despite slight rate improvements.
 

 

 

« Back to Blog