Housing Market and Economic News for June 24, 2024

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

This Week’s Economic News

• Retail Sales: Retail sales edged up by just 0.1% in May. This fell short of expectations as consumers continue to grapple with stubbornly high inflation.
• Jobs: New jobless claims decreased from their ten-month peak last week. However, continuing claims have risen for the seventh straight week. 
• Federal Reserve Policy: Fed officials are signaling that rate cuts are unlikely until there’s more data supporting trends toward lower inflation and higher unemployment.

This Week’s Housing Market News

• New Home Construction: In May, new home construction dropped to its slowest pace in four years.
• Mortgage Rates: Higher mortgage rates have drained the momentum we saw earlier this year.
• Building Permits: Building permit applications fell in May to their weakest level since June 2020. Permits for single-family homes declined for the fourth consecutive month.
• Mortgage Applications: Purchase mortgage applications rose by 2% for the week, but are still down 12% from a year ago. Tight supply and higher rates continue to slow home sales.

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!!