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MarketMinute | Home builders are going small

Apr 25

5:14

AM

Category | Markets in a Minute

The Fed's Beige Book said trade uncertainty, especially around tariffs, dragged down outlooks across several U.S. regions.

Durable goods orders surged 9.2% in March, driven by a rush to buy big-ticket items like autos and appliances ahead of impending tariffs.

Jobless claims rose slightly to 222K. The labor market remained steady as businesses avoided layoffs despite economic and tariff uncertainties.

Housing News

Existing home sales fell 5.9% in March, the largest monthly drop since November 2022. The median sales price was $403,700, up 2.7% year over year.

However, new home sales jumped 7.4% in March. Buyers took advantage of lower mortgage rates and a growing supply of newly constructed homes.

The median price of a new home fell to $403,600, 7.5% lower year over year, as builders and buyers focused on smaller, more affordable homes.

MarketMinute | Rates create a call to ARMs

Apr 18

9:49

AM

Category | Markets in a Minute

Retail sales saw their biggest jump in more than 2 years last month as consumers rushed to buy ahead of tariffs.

Fed Chair Powell reiterated this week that the Fed must ensure tariffs don’t trigger a persistent rise in inflation, making rate cuts unlikely.

Unemployment claims fell to a 2-month low last week, evidence companies weren't turning to large-scale layoffs as tariffs hit.

Housing News

Builder sentiment stayed negative in April. Tariff worries and high material costs outweighed a slight boost from lower mortgage rates.

Purchase mortgage applications dropped 5% for the week but were 13% higher than the same week a year ago.

More borrowers turned to adjustable rate mortgages last week after interest rates made a sudden jump amid market chaos.

MarketMinute | How are home prices faring?

Apr 11

3:36

AM

Category | Markets in a Minute

Last week's tariff announcement, followed by this week's news of a 90-day pause on some of those tariffs, sent markets into a tailspin.

The Consumer Price Index showed cooling inflation in February. Many economists remain concerned about a tariff-induced increase.

Minutes from the Fed's last meeting showed concerns about stagflation, a period of slowing economic growth paired with rising inflation.

Housing News

ICE reports more than 1/4 of major housing markets have pre-pandemic inventories, with 18 running a surplus of 15% or more.

ICE also reports slowing home price growth in the majority of markets. Still, 35% of markets show growth rates above their 30-year average.

Mortgage demand jumped 20% last week as rates briefly dropped. Purchase apps rose 9% for the week and 24% year over year.

MarketMinute | Pending home sales have risen!

Mar 28

9:09

AM

Category | Markets in a Minute

Unemployment applications held steady last week, a sign the labor market remains healthy as companies continue to retain their employees.

Concerns about tariffs, inflation, and market volatility pushed consumer confidence for the future economy to a 12-year low in March.

Fourth quarter GDP was revised to an annual rate of 2.4%. Continued growth is expected, though tariffs could slow the pace.

Housing News

Although the FHFA said it will not lower conforming loan limits, it has announced the termination of special purpose credit programs.

Pending home sales last month rebounded from a record low in January. Calmer weather and a greater selection of houses provided optimism.

Mortgage demand from homebuyers was the strongest in nearly 2 months. Purchase apps rose 1% for the week and 7% over a year ago.

MarketMinute | The housing market has some unexpected increases

Mar 21

3:04

AM

Category | Markets in a Minute

The Fed kept its policy rate unchanged at the March meeting. Fed members expect to cut policy rates twice in 2025.

Retail sales were up by less than forecast in February, and January was revised downward to mark the biggest drop since July 2021.

Initial jobless claims rose slightly last week. Continuing claims also rose, with more people remaining jobless longer than a year ago.

Housing News

Existing home sales unexpectedly increased in February, as rising supply and falling mortgage rates pulled buyers back into the market.

Housing starts were stronger than expected in February, though builders continue to face persistent shortages of labor and buildable lots.

Builder confidence fell to a 7-month low in March due to economic uncertainty, tariff threats, and elevated construction costs.