Housing Market and Economic News for April 12th, 2024

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

This Week’s Economic News

• The latest insights from the Federal Reserve’s recent meeting reveal concerns about inflation showing signs of stabilization but not yet exhibiting a clear downward trend.
• This week, mortgage rates experienced an uptick in response to robust inflation figures, diminishing expectations for a rate cut by the Fed.
• U.S. economic health maintains as both initial and continued jobless claims fell beyond projections, indicating sustained strength in the labor market.

Housing Market News

• The influx of new property listings persists, with last week seeing 54,769 new listings, slightly lower than the same period last year. 
• While purchase mortgage applications dipped by 5% compared to the previous week and were down 23% from a year ago, there was a notable 10% surge in refinance applications. 
• Zillow reports that as of February, the United States boasts 550 “million-dollar” cities, where the median home value exceeds $1 million, underlining the ongoing dynamism of the real estate landscape.

These economic news 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!