March’s job growth roared in above forecasts, as the BLS reported that 303K new jobs were created. Revisions to the data for January and February added 22K jobs to those months combined while the unemployment rate fell to 3.8%. However, a deeper dive into the numbers showed some weakness as losses in full-time jobs were… Read more
Market Updates
Inflation continues to inch closer to the Fed’s 2% target as its favored measure, annual Core PCE, fell to 2.8% for the 12 months ending in February. While this was below 2022’s 5.6% peak and the lowest level since March 2021, progress has been slowing. How will this impact the Fed’s timing for cutting rates… Read more
Feeling “locked-in” by your low existing mortgage rate? If you’re carrying large, higher interest debt balances (credit cards or car loans), your “blended” rate may be much higher than you realize. You might even have the opportunity to buy a new home, consolidate your debt with a slightly larger loan, and end up with a… Read more
Home builder confidence broke above the key breakeven threshold of 50 and into positive territory for the first time since last July, with March’s reading also the fourth consecutive monthly gain. The NAHB noted that the lack of existing homes for sale, strong buyer demand, and rates below last fall’s peak all helped push builder… Read more
February job growth came in above forecasts, with 275K jobs created per the BLS. However, revisions to the data for December and January shaved a whooping 167K jobs from those months combined. The unemployment rate also rose from 3.7% to 3.9%, the first increase since October.
Signed contracts on new homes rose for the second straight month in January, up 1.5% from December and 1.8% from a year earlier. The lack of existing homes for sale continues to boost the new construction market and, in a good sign for much-needed supply, the NAHB recently noted that they’re expecting construction for single-family… Read more
Talk about a winning record! Buying a home and holding it for 10 years has earned a profit every year except one since 1942. Just look at those returns, too! Housing builds significant, long-term wealth.
Pending Home Sales (signed contracts on existing homes) surged 8.3% from November to December, due in large part to falling mortgage rates per the NAR. Their Chief Economist, Lawrence Yun, noted that sales are expected to “rise significantly in each of the next two years” and he stressed that “increased supply will be essential to… Read more
Home builder confidence has surged due in large part to falling interest rates that have brought buyers back to the market and boosted builders’ future sales expectations. Plus, 31% of builders are still reducing prices to encourage sales, providing even more opportunities for buyers right now.
Inflation was hotter than expected last month, due in large part to rising shelter costs. However, annual Core CPI (which removes food and energy prices) came in at 3.9%, well below the 2022 peak of 6.6% and below 4% for the first time in over 2 years. Will the Fed see this as enough progress… Read more