Housing Market and Economic News for April 8th, 2024

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

The Economy

• In March, manufacturing saw its first expansion since September 2022, driven by a notable rebound in production and an uptick in new orders.
• February saw little change in job openings compared to the previous month, indicating a stabilization of labor demand at a high level.
• ADP’s March report highlighted the private sector’s robust job growth, marking its quickest pace since July 2023 and underscoring ongoing strength in the labor market.

Housing Market News

• February witnessed a 0.7% increase in private residential construction, with single-family construction up by 1.4% and multifamily construction experiencing a slight dip of 0.2%. 
• While mortgage applications for home purchases showed a minor decrease of 0.1% from the prior week, they remained 13% lower than the same period last year. 
• Expectations in the bond market for a rate cut in June have dipped below 50% following manufacturing data indicating expansion.

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!