Housing Market and Economic News for June 28, 2024

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

This Week’s Housing Market News

• Home Prices: The Federal Housing Finance Agency (FHFA) reported a 0.2% increase in house prices for April with a year-over-year increase of 6.3%.
• New Home Sales: New home sales, which constitute about 10% of the market, dropped 11.3% in May, to a six-month low of 619,000. This was the sharpest monthly decline since September, 2022.
• Pending Home Sales: Pending home sales (PHSI) unexpectedly slipped down 2.1% in May. High mortgage rates and increasing home prices discouraged many potential buyers.

This Week’s Economic News

• Employment: The Department of Labor reported the insured unemployment number for the week ended June 15 was 1,839,000. The DOL report said that this was the highest number since November 2021, when insured unemployment reached 1,878,000. This indicates that unemployed workers are finding it increasingly difficult to secure new employment.
• Consumer Perspective: Consumer confidence declined in June due to economic concerns. Even so, households remained optimistic about the labor market and inflation. 
• Federal Reserve Update: Recent insights from the Federal Reserve reveal that the surplus savings Americans accumulated during the pandemic have been depleted for several months, and the economy is now experiencing the impact.

Keeping you up-to-date with the constantly changing housing market

At Thompson Kane, we are committed to providing real estate and financial professionals, contractors, and prospective homebuyers with the most current and relevant information on economic trends and housing market shifts. Our aim is to equip you with the knowledge necessary 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!