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MarketMinute | What's most surprising to new homeowners?

Jun 14

4:05

AM

Category | Markets in a Minute

Wholesale inflation unexpectedly declined the most in 7 months, adding to evidence that inflationary pressures are moderating.

Inflation cooled more than expected in May, dropping for the second straight month. Prices were flat for the first time since July 2022.

The Fed left its policy rate unchanged at this month's Fed meeting and signaled it may cut rates 1 or 2 times by the end of the year.

Housing News

Anji.com found 19% of owners were most surprised by the cost of improvements during the first 6 months in their new home.

Total mortgage applications surged nearly 16% for the week, with purchase apps rising 9%.

In Fannie Mae's May survey, 86% of consumers believed now is a bad time to buy a home, while 64% said now is a good time to sell.

MarketMinute | Are these the signs of slowing that led to lower rates?

Jun 7

4:18

AM

Category | Markets in a Minute

The services sector snapped back into growth mode in May after a short-lived April contraction, improving by the most in 3 years.

Private employers added the fewest jobs last month since January, and small businesses shed jobs for the first time in 6 months.

The ISM Manufacturing Index hinted at a stalled economy in May. The Index fell to a 3-month low based on lower anticipated demand.

Housing News

Construction spending fell unexpectedly for a 2nd month in April, though investment in single-family home building improved.

Total mortgage application volume fell 5.2% last week. Purchase apps dropped 4% for the week and 16% year over year.

Home price gains cooled for the 2nd consecutive month in April, according to an ICE Mortgage Technology report.

MarketMinute | How are rates impacting home price growth?

May 31

6:28

AM

Category | Markets in a Minute

Revised Q1 GDP data showed slower economic growth than initially reported, as spending and inflation moved lower.

Unemployment benefits ticked higher to 219K, but underlying strength in the labor market still showed signs of persisting.

The Fed reported "slight or modest" economic expansion in most regions since April. Businesses grew "somewhat more pessimistic."

Housing News

The FHFA index showed sharply slowing house price growth in March, likely as rising mortgage rates weighed on demand.

Pending home sales fell to a 4-year low in April, down in all regions compared to both the previous month and last year.

Weekly mortgage demand dropped to a 3-month low last week. Purchase apps fell 1% for the week and 10% year over year.

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.

MarketMinute | Home Sale Profits Are Up

May 17

5:56

AM

Category | Markets in a Minute

Consumer inflation data for April was slightly better than expected after coming in higher for 3 consecutive months, a good sign for rates.

Retail sales were unexpectedly flat in April, down from last month's 0.6% increase, an indicator that consumer spending may be losing momentum.

Jobless claims were slightly lower last week, but continuing claims — the number of people receiving benefits — rose to 1.79 million.

Housing News

Fewer homeowners are investing in renovations. After peaking in late 2022, the Leading Indicator of Remodeling Activity has steadily fallen.

Despite falling rates, purchase mortgage apps were down 2% for the week and 15% year over year.

Home sale profits have risen along with values. In 2023, nearly 8% of home sales yielded profits exceeding $500K, compared with about 3% in 2019.