Housing Market and Economic News for April 25th, 2024

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

This Week’s Economic News

• There was a notable surge of 2.6% in orders for durable goods during March, primarily driven by the transportation sector. However, minimal growth in other sectors indicated a lack of strength in manufacturing.
• The economy expanded at its slowest rate in two years during the last quarter. Both consumer and government spending eased amid a significant rise in inflation.
• The measure of underlying inflation for the first quarter surpassed expectations, accelerating at a rate of 3.7%, marking the first quarterly increase in a year.

Housing Market News

• March saw a remarkable 8.8% increase in sales of newly constructed single-family homes, accounting for approximately 10% of the market, marking the highest growth since December 2022.
• Total mortgage applications experienced a decline of 2.7% in the past week. Purchase applications decreased by 1% compared to the previous week and were 15% lower compared to the same time last year.
• In March, pending home sales exceeded expectations with a notable increase. Despite higher mortgage rates, buyer demand remained relatively stable.

Staying abreast of the latest developments in the economy and the housing market is crucial for both industry professionals and homeowners alike. By staying informed, professionals can better serve their clients by offering insightful guidance and strategies tailored to the current landscape. For homeowners and potential buyers, staying tuned in ensures they can make informed decisions, enabling them to plan for a healthy financial future amidst evolving market conditions. Call your Thompson Kane loan officer today if you have any questions regarding how today’s market conditions could inform your housing goals and financing strategies.