Housing Market and Economic News for May 3rd, 2024

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

This Week’s Economic News

• The Federal Reserve maintained its current policy rate during this week’s FOMC meeting but hinted at the possibility of a rate cut later in the year, keeping market hopes alive.
• Job openings hit a three-year low in March, accompanied by a decrease in the number of people voluntarily leaving their jobs. These trends in the labor market could potentially influence interest rates.
• Consumer confidence experienced a 21-month low in April, marking the third consecutive month of decline. Factors contributing to this downturn include rising concerns about the cost of essentials like food and gas.

Housing Market News

• The FHFA House Price Index surpassed expectations by climbing 1.2% in February, reversing the slight decline seen in January. This indicates continued growth in housing prices.
• March saw an unexpected decrease in construction spending. However, the persistent housing shortage suggests ongoing demand and activity in the construction sector.
• Adjustable-rate mortgage (ARM) applications accounted for 7.8% of mortgage demand last week, reflecting a growing interest in this financing option. Despite this, purchase applications fell by 2% for the week and 14% compared to the previous year.

At Thompson Kane, we’re committed to providing our community of real estate and financial professionals, contractors, and home buyers with timely updates on economic and housing market trends. By staying informed, we empower individuals to make educated decisions that align with their business and financial interests. Stay tuned to the Thompson Kane Newsfeed, and visit us on Facebook for news and helpful content published twice weekly!