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Housing Market and Economic News for March 29th, 2024

Welcome to our weekly roundup, where we bring you the latest housing market and economic news.

Housing market news plus economic developments blogpost masthead with a simple chart showing rates have moved down this week

The Economy

  • In February, there was a rise in business investments alongside a rebound in durable goods orders, suggesting potential early indicators of a manufacturing recovery.
  • The economy outpaced previous estimates in the fourth quarter, driven by robust consumer spending and increased business investment.
  • Last week saw a slight decline in jobless claims, maintaining consistently low levels and reflecting the ongoing strength of the labor market.

Housing Market News

  • Sales of newly constructed homes experienced a minor dip in February following an uptick in mortgage rates, although they remained 5.9% higher compared to the previous year.
  • The median price of new houses last month hit its lowest point in over two and a half years, while the supply reached its highest level since November 2022.
  • Encouraging signs for the upcoming spring market emerged as pending home sales in February bounced back from a slump witnessed in January.

These events highlight the ever-changing nature of the housing market and emphasize the importance of staying informed for both potential homeowners and industry stakeholders. This includes a diverse range of professionals, such as real estate agents, financial institutions like Thompson Kane, developers, builders, and contractors. Stay tuned for next week’s update of our Markets in a Minute series!

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