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MarketMinute |

Jun 12

3:34

AM

Category | Markets in a Minute

Housing News

MarketMinute | What do stable rates and employment mean for housing this week?

Jun 5

3:53

AM

Category | Markets in a Minute

According to the Fed's Beige Book, employment remained stable in recent weeks, but inflation continued to rise across much of the country.

Job openings climbed to their highest level in nearly two years, though companies pulled back on hiring, creating mixed signals for the economy.

ADP reported that private companies added 122,000 workers in May, up from April and better than the Dow Jones consensus estimate for 110,000.

Housing News

Residential construction spending rose 0.8% in April, driven by gains in single-family construction and home improvement projects.

Nearly 6% of home listings were pulled from the market in April, matching the highest level since the early days of the pandemic.

Purchase applications were 7% higher than a year ago but declined 3% for the week, despite mortgage rates dropping from recent highs.

MarketMinute | Mortgage applications are rising

May 29

9:31

AM

Category | Markets in a Minute

Applications for unemployment benefits rose slightly last week, but remain at a level consistent with a stable labor market.

Another key inflation reading shows the 12-month inflation rate at 3.8%, much higher than the Fed's target rate of 2%.

Final gross domestic product readings for the first quarter came in softer than preliminary readings, falling from 2% to a final reading of 1.6%.

Housing News

April's new home sales were lower than forecast. Builder incentives failed to motivate buyers at the start of the spring selling season.

Housing construction may stay constrained in coming months as builders focus on reducing inventory, currently a new home supply of 9.4 months.

Despite mortgage rates moving higher recently, applications to purchase a home were still up 0.4% for the week and up 5% higher than a year ago.

MarketMinute | Are rising rates diminishing demand?

May 22

1:30

PM

Category | Markets in a Minute

Last month's Fed minutes showed officials are no longer considering policy rate cutes but instead are weighing rate hikes as inflation moves higher.

Applications for unemployment benefits remained low last week, signaling layoffs are still relatively limited despite recent job cut announcements.

Economists expect inflation to worsen in the coming months, with consumer prices projected to rise as much as 6% in the second quarter.

Housing News

Builder sentiment edged higher in May despite rising rates, economic uncertainty, and high construction costs.

According to the NAR, pending home sales in April increased by 1.4% month over month and rose 3.2% year over year, signaling a strong spring market.

Single-family housing starts saw their largest decline in nearly a year in April as builders grew more cautious on demand.

MarketMinute | Inventory is slowly rising

May 15

3:13

AM

Category | Markets in a Minute

Wholesale prices posted their largest annual gain in over 3 years in April, pointing to rising inflation pressures from higher supply costs.

Consumer prices rose faster than expected in April to the highest levels in 3 years as increased energy costs added to growing inflation concerns.

Consumers kept spending in April despite sharply higher gas prices, with retail sales rising for a 3rd straight month.

Housing News

Existing home sales edged up less than expected in April as high mortgage rates and affordability challenges weighed on buyers.

Existing home inventory was up about 6% for the month. However, annual growth of just 1.4% shows the market remains tight.

Buyers appear to be adjusting to higher mortgage rates. Mortgage applications rose 1.7% last week, and purchase applications were up 4%.