US Employment Growth Slowed in February
Employment rose, wage growth fell in February. A less tight labor market after the stronger-than-expected January report is good news for housing affordability.
News
Mortgage rates increased for the fourth consecutive week as inflation expectations shift
Mortgage rates increased again this week as investors continue to reprice inflation and interest rate risk.
December 2022 Case-Shiller Results & Forecast: Steady Decline
Home prices continued to cool off at the end of 2022.
The PCE Price Index – Shows Prices Edged Up More Than Expected in January
While disinflation is still underway, the latest data confirmed fears that without a larger slowdown in wage growth, inflation could be slow to return to the Federal Reserve’s 2 percent inflation target.
The backlog of new construction homes continues to emerge into the market just in time for the spring shopping season.
Mortgage rates continued to rise as investors weigh inflation risk and future rate hikes
Mortgage rates increased for the third straight week, eroding much of the progress made on the housing affordability front over the past few months.
January 2023 Existing Home Sales: A Full Year of Slowing Sales
January brought another month of dismal home sales - now declining for twelve straight months and at the lowest level since 2010.
January Housing Starts: Housing Permits Slightly Rebound With Lower Rates
Homebuilders responded to the interest rate drop in January, increasing not only builder confidence for the first time in over a year, but also slightly increasing housing permits in January from December. With mortgage rates back up in February, it’s likely that this momentum will be short lived.
Housing market observers could be forgiven for expecting a weak spring home buying season this year. The market cooled dramatically in the second half of 2022, after buyers ran into an affordability ceiling amid rising mortgage rates and two straight years of red-hot competition. Sales activity plunged, as existing home sales reached their lowest pace since 2010 in December, and home values slumped for the first time in almost that long.
Mortgage rates continued to rise sharply over strong January economic data
After rising sharply last week, mortgage rates continued to increase this week, erasing some of the progress made on the housing affordability front in the past few months.
