Housing Market and Economic News for March 29th, 2024

Welcome to our weekly roundup, where we bring you the latest housing market and economic news.

The Economy

• In February, there was a rise in business investments alongside a rebound in durable goods orders, suggesting potential early indicators of a manufacturing recovery.
• The economy outpaced previous estimates in the fourth quarter, driven by robust consumer spending and increased business investment.
• Last week saw a slight decline in jobless claims, maintaining consistently low levels and reflecting the ongoing strength of the labor market.

Housing Market News

• Sales of newly constructed homes experienced a minor dip in February following an uptick in mortgage rates, although they remained 5.9% higher compared to the previous year.
• The median price of new houses last month hit its lowest point in over two and a half years, while the supply reached its highest level since November 2022.
• Encouraging signs for the upcoming spring market emerged as pending home sales in February bounced back from a slump witnessed in January.

These events highlight the ever-changing nature of the housing market and emphasize the importance of staying informed for both potential homeowners and industry stakeholders. This includes a diverse range of professionals, such as real estate agents, financial institutions like Thompson Kane, developers, builders, and contractors. Stay tuned for next week’s update of our Markets in a Minute series!