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Market Movement May 28, 2024

Notable News

  • VA plans to temporarily allow buyers to compensate agents Read Now >>

  • HousingWire lead analyst discusses why he thinks home prices will cool down soon. Listen Now >>

  • Redfin CEO thinks housing market will do better throughout rest of the year. Watch Now >>

Market Recap

  • Mortgage application submissions increase for the third consecutive week during the 7 days ending 5/17. The Market Composite Index (purchase and refinance applications) jumped 1.9% from the previous week. The Refinance Index increased 7% from the previous week while the seasonally adjusted Purchase Index decreased 1% from the previous week. Refinance application submissions were 21% higher from the same time period the previous year.

  • Existing home sales slipped 1.9% month-over-month in April, likely due to persisitent affordability and inventory challenges.

  • Continuing jobless claims were at a level of 1,794,000 during the week ending 5/11, an increase of 8,000 from the week before. Initial jobless claims were at a level of 215,000 during the following week, a decrease of 8,000.

  • New home sales were at a seasonal adjusted annual rate of 634,000 in April, a 4.7% decrease from the month before.


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