Housing Market and Economic News for June 14, 2024

Here’s our latest roundup of housing market news and key economic updates:

This Week’s Economic News

• Wholesale Inflation: Wholesale inflation saw its largest decline in seven months, indicating a significant easing of inflationary pressures.
• Inflation Trends: Inflation cooled more than anticipated in May, marking the second consecutive month of decline. Prices remained flat for the first time since July 2022. 
• Federal Reserve Policy: The Federal Reserve kept its policy rate unchanged during this month’s meeting and hinted at the possibility of one or two rate cuts by the end of the year.

This Week’s Housing Market News

• Home Improvement Costs: A survey by Anji.com revealed that 19% of homeowners were most surprised by the cost of improvements within the first six months of owning their new home.
• Mortgage Applications: Total mortgage applications surged nearly 16% for the week, with purchase applications rising by 9%.
• Consumer Sentiment: According to Fannie Mae’s May survey, 86% of consumers believe it is currently a bad time to buy a home, while 64% think it is a good time to sell.

Keeping you up-to-date with the constantly changing housing market…

At Thompson Kane, we are dedicated to delivering real estate and financial professionals, contractors, and prospective homebuyers with current and relevant information on economic trends and housing market shifts. Our goal is to equip you with the knowledge needed to make informed decisions and confidently manage your business and financial ventures. Stay informed with the latest updates by following the Thompson Kane Newsfeed, and connect with us on Facebook for bi-weekly news and valuable content!!