Real Estate News 04/26/2024

Today’s News Synopsis:

The Personal Consumption Expenditures price index — a closely watched inflation gauge favored by the Federal Reserve — accelerated to 2.7% for the year ended in March, according to data released Friday by the Commerce Department.

In The News:

CNN – “The Fed’s preferred inflation gauge just moved in the wrong direction“ (04-26-24)

“Inflation remained stubbornly high last month, but it hasn’t stopped Americans from spending.”

NAR –  “Pending Home Sales Ascended 3.4% in March“ (04-25-2024)

“Pending home sales in March climbed 3.4%, according to the National Association of REALTORS®. The Northeast, South and West posted monthly gains in transactions while the Midwest recorded a loss. Year-over-year, the Northeast and South registered decreases but the Midwest and West improved.”

Bankrate –  “Survey: Homeownership still has starring role in the American Dream — but affordability plays the villain” (04-24-24)

“Homeownership remains a centerpiece of Americans’ financial aspirations — but with home prices at record highs and mortgage rates near a generational peak, would-be homeowners are struggling to achieve that piece of the American dream.”

Redfin – “Housing Market Update: Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates Rising” (04-25-2023)

“The median U.S. home price rose 5.2% year over year this week, and mortgage rates hit their highest level since November 2023. Prices continue to rise partly because there are still serious buyers searching for homes. ”

CNN – “US pending home sales jumped in March, beating expectations by a mile” (04-25-2023)

“Home sales based on contract signings unexpectedly jumped in March despite elevated mortgage rates that month. And the latest data from Freddie Mac showed that mortgage rates edged higher this week, reaching a fresh five-month high.”