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Market Report for April 1, 2024


NOTABLE NEWS

  • HousingWire Lead Analyst discusses economics of NAR settlement. Read Now >>

  • New home buyers may want to consider phase inspections. Read Now >>

  • Rents across U.S. grew for first time in 6 months.  Read Now >>

MARKET RECAP

  • New home sales were at a seasonally adjusted rate of 662,000 in February, a 0.3% decline from the month before. Economists were expecting a slight increase. Annually, sales were still up 5.9%. The median new home price declined as well – down 7.6% year-over-year.

  • The FHFA home price index slipped 0.1% month-over-month in January. It was expected to increase 0.2%. Annually, prices are still up 6.3%.

  • The 20-city Case-Shiller home price index inched up 0.1% month-over-month and 6.6% year-over-year in January. This was as expected.

  • Mortgage application submissions decreased a composite 0.7% during the week ending 3/22. The Refinance Index declined 2% while the seasonally adjusted Purchase Index only slipped 0.2%.

  • Continuing jobless claims climbed by 24,000 during the week ending 3/15 to reach a level of 1,819,000. Initial jobless claims fell by 2,000 during the week ending 3/23 down to a level of 210,000.

  • The Q4 GDP estimate fell to 3.4%, which was higher than the expected 3.2%.

  • Pending home sales rose above expectations in February, climbing 1.6% month-over-month.

  • The core PCE index from February came in as expected at 0.3% month-over-month and 2.8% year-over-year. Personal income was lower than expected at 0.3% while consumer spending came in higher than expectations at 0.8%.




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