HOUSING AND FINANCIAL UPDATE FOR THE WEEK ENDING March 2nd, 2018
For the Week Ending March 2, 2018 |
Chris, Please enjoy this quick update on what happened this week in the housing and financial markets. |
New Fed Chair Jerome Powell appeared for his first time in front of Congress this week. He moved markets with his upbeat economic views, pressuring rates. | |
Consumer prices increased in January, and inflation posted its largest gain in 12 months. Inflation pressures rates higher, including mortgage rates. | |
The labor market continues to show strength as well. Filings for unemployment benefits fell last week to the lowest level in almost five decades. |
Home prices accelerated in December, according to a recent Case-Shiller report. Prices were up 6.4% year-over-year with continued strong buyer demand. | |
Pending home sales were down 4.7% in January. However, the drop is likely due to tight inventory and bad weather rather than increased mortgage rates. | |
Buyer traffic was strong in January, but listings fell to an all-time low, down 9.5% year-over-year. This can continue to fuel price gains. |
Middle age is when work is a lot less fun, and fun is a lot more work. |