Housing Market and Economic News for June 8, 2024

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

This Week’s Economic News

• The services sector rebounded into growth territory in May after a brief contraction in April, marking the most significant improvement in three years.
• Private employers added the fewest jobs last month since January, with small businesses losing jobs for the first time in six months. 
• The ISM Manufacturing Index suggested a stagnant economy in May, falling to a three-month low due to lower anticipated demand.

This Week’s Housing Market News

• Construction spending unexpectedly declined for the second month in a row in April, although investment in single-family home construction saw an improvement.
• Overall mortgage application volume decreased by 5.2% last week, with purchase applications dropping 4% for the week and 16% compared to the previous year.
• Home price increases slowed for the second month in a row in April, according to a report from ICE Mortgage Technology.

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!!