Housing Market and Economic News for May 31, 2024

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

Housing Market News

• The FHFA index indicated a sharp slowdown in house price growth in March, likely due to rising mortgage rates impacting demand.
• Pending home sales hit a four-year low in April, with declines observed in all regions compared to both the previous month and last year.
• Weekly mortgage demand dropped to a three-month low last week, with purchase applications falling 1% for the week and 10% year over year.

This Week’s Economic News

• Revised Q1 GDP data revealed slower economic growth than initially reported, as spending and inflation declined.
• Unemployment benefits rose to 219K, but the labor market continued to display underlying strength.
• The Federal Reserve reported “slight or modest” economic expansion in most regions since April, although businesses grew “somewhat more pessimistic.”

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!!