Housing Market News for March 8th, 2024

This week’s financial and housing market news update

The Economy

• In January, the number of employees resigning from their positions reached a three-year low, signaling a gradual easing of conditions in the labor market.
• The growth in the services industry experienced a slight deceleration in February. Nevertheless, new orders surged to a six-month high, underscoring market resilience.
• Addressing Congress, Federal Reserve Chair Jerome Powell emphasized that the Fed remains cautious about reducing interest rates until it is confident in overcoming the challenge of inflation.

Housing Market News

• Construction spending fell unexpectedly in January, though outlays on new single-family projects grew 0.6% amid strong demand.
• Last week, purchase mortgage applications recorded an 11% increase, although demand remained 8% below the levels observed during the same week last year.
• Notably, housing inventory has exhibited gradual growth, with February seeing a 14.8% increase in homes available for sale compared to the corresponding period last year.

These developments highlight the dynamic nature of the housing market and the importance of staying informed for both prospective homebuyers and industry professionals alike, including real estate agents, lenders, developers, builders, and contractors. Check back next week for the February 15 installment of Markets in a Minute!