For the Week Ending May 26, 2017
Please enjoy this quick update on what happened this week in the housing and financial markets.
Minutes released from the Fed's May FOMC meeting support a possible policy rate hike in June. However, chances of a September rate hike went down.
Recent economic data has been mixed. Signs of a dip in consumer sentiment and spending are offset by continued strengthening in the job market.
The 4-week average of continuing jobless claims decreased between the April and May survey weeks. The average is at the lowest level since January 1974.
New home sales were down in May from April's 9-1/2-year high, but the housing recovery is intact. Demand is still strong, and inventory remains tight.
Existing home sales fell in April, weighed down by a chronic shortage of inventory. However, home prices increased 6% year-over-year in April.
Low inventory pushed time on market to new lows in April. The average number of days on the market was 29, lower than last May's record of 32 days.
A broker was dismayed when a brand new real estate office much like her own opened next door and put up a huge sign that said, "BEST AGENTS."
She was horrified when another competitor opened on the other side and put up an even larger sign saying, "LOWEST COMMISSIONS."
Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends candiffer from our own and are subject to change at any time.
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