Housing Market and Economic News for May 17, 2024

Here’s our latest installment of industry insights and relevant economic news.

This Week’s Economic News

• April’s consumer inflation figures were slightly better than anticipated. After three months of higher-than-expected increases, this economic news suggests a positive outlook for interest rates.
• Retail sales in April were unexpectedly stagnant, a drop from the 0.6% rise seen in the previous month. This indicates a potential slowdown in consumer spending is developing.
• Jobless claims saw a slight decrease last week. At the same time, the number of individuals receiving ongoing unemployment benefits ticked up to 1.79 million.

Housing Market News

• Fewer homeowners are investing in renovations. After peaking in late 2022, the Leading Indicator of Remodeling Activity has steadily fallen. However, “Residential remodeling is anticipated to gain from the recovering housing market and stabilizing material costs as we approach next year.” says Carlos Martín, of Harvard’s Remodeling Futures Program.
• 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.

Keeping you informed about the ever-evolving landscape of housing and finance…

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!