Housing Market and Economic News for May 24, 2024

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

This Week’s Economic News

• Minutes from last month’s Federal Reserve meeting indicate that officials believe the current policy is sufficiently restrictive to continue reducing inflation.
• The Purchasing Managers’ Index (PMI) for May surpassed expectations, reaching its highest point since April 2022, driven largely by the services sector.
• New unemployment benefit claims dropped last week, reflecting continued strength in the labor market and its support for the economy.

Housing Market News

• Sales of existing homes decreased by 1.9% from March to April, matching the same rate of decline year over year.
• First-time homebuyers made a significant return in April, representing 33% of sales, up from 29% the previous year.
• Cash transactions accounted for 28% of home sales.
• Total housing market inventory at the end of April increased by 9% month over month and 16% year over year, yet it remains at a modest 3.5-month supply.

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

At Thompson Kane, we are committed to providing real estate and financial professionals, contractors, and potential homebuyers with timely and pertinent updates on economic trends and housing market dynamics. By offering these insights, we empower you to make informed decisions and confidently navigate your business and financial pursuits. Stay updated with the latest developments by following the Thompson Kane Newsfeed, and join us on Facebook for bi-weekly news and valuable content!