June 2022 Case-Shiller Results & Forecast: Moving Towards Rebalance
The S&P CoreLogic Case-Shiller U.S. National Home Price Index® rose 18% year-over-year in June (non-seasonally adjusted), down from 19.7% in May.
News
Mortgage Rates Rise on Robust Economic Activity
Mortgage rates moved higher again last week. Fed Chair Powell noted late in the prior week that the Fed is committed to containing inflation, which will likely result in some economic pain.
Mortgage Rates Increase on Stronger Economic Data Than Anticipated
Mortgage rates increased last week. Economic data releases showed stronger economic activity than markets anticipated; continued tight labor markets, resilient consumer spending and strong manufacturing activity. Fed officials continue to message to investors that they are committed to getting inflation under control.
July New Home Sales: The New Construction Cool Down Continues
As the tides of rising housing costs sweep buyers off the shore of the for-sale market, new home sales have been rapidly descending.
July Existing Home Sales: Discouraged Buyers Lead to Continued Decline in Sales
Discouraged buyers pulling back from the for-sale market, coupled with the ongoing inventory crunch, has caused existing home sales to plummet in July to the lowest rate in the last two years.
Buyers Gaining Time and Options as Housing Market Rebalances (July Market Report)
Competition is easing as inventory accumulates, leading the market back toward ‘normal’
Mortgage Rates Decline After Inflation Data Below Expectations
Mortgage rates declined slightly last week.Inflation data released last week came in below market expectations, resulting in interest rate declines and a rally in equity markets. Investors viewed this data as an indication that the Federal Reserve may not have to increase short term rates as much as previously estimated. While both consumer and producer prices showed increases in July, the rate of increase slowed substantially.
July Housing Starts: Builders Rethink Future Plans
The rebalancing of the housing market is causing builders to rethink their future plans.
Mortgage Rates Increase as Markets Respond to Conflicting Economic Data
Mortgage rates increased last week, reversing direction after several weeks of declines. Comments from Federal Reserve members early in the week started moving interest rates higher, as they messaged that there is still much work to be done in taming inflation.
Mortgage Rates Drop on Slowing Economic Activity
Mortgage rates dropped significantly last week. The Federal Reserve increased the federal funds target rate by 75 basis points at the July meeting, in line with market expectations.
