Housing Market and Economic News for May 10, 2024

Our latest installment of industry insights and relevant economic news, designed to keep you informed about the ever-evolving landscape of housing and finance

This Week’s Economic News

• This week saw the DJIA extend its winning streak to an impressive 6 sessions, marking a significant milestone as it surpassed the 39,000-point threshold for the first time in 5 weeks.
• In a notable shift, consumers are projected to borrow approximately $334 billion this year through “buy now, pay later” loans, a financing avenue often overlooked by credit agencies.
• The latest employment figures for May revealed the addition of 175,000 new jobs in April, marking a 6-month low. With declines in the labor market, speculation grows around the potential for the Fed to implement rate cuts sooner rather than later in 2024.

Housing Market News

• According to data from the New York Fed, the likelihood of renters transitioning to homeownership has reached a historic low of 40.1%, down from 44.4% just a year ago.
• The National Association of Realtors (NAR) reports a continued upward trend in home prices, with 205 out of 221 metro areas experiencing increases during the first quarter, with 30% seeing double-digit growth.
• Last week, a dip in interest rates spurred a 5% increase in refinance applications, while purchase applications rose by 2%, albeit 17% lower than the previous year.

At Thompson Kane, our dedication lies in equipping real estate and financial professionals, contractors, and prospective homebuyers with timely and relevant updates on economic and housing market shifts. Through informed decision-making, we empower individuals to navigate their business and financial endeavors with confidence. Keep abreast of developments through the Thompson Kane Newsfeed, and join the conversation on Facebook, where we share news and valuable content twice weekly!