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California Weekly Market Data ending April 1, 2024

Consumer confidence holds steady but short-term outlook slips

With interest rates likely to fluctuate throughout the month of April, consumers’ short-term expectations could remain unsettled in the upcoming month.

Consumer spending surges by the most since January 2023

 If consumers continue to spend freely in the service sector, service prices may not ease back in the short term and could post a real problem for the Fed in making their decision on cutting rates.

New home sales eased in February

New home sales in the U.S. came in softer than expected in February, with the number of newly constructed single-family houses sold dipping 0.3% month-over-month but gaining 5.9% year-over-year.

Residential construction spending continues to rise in February

With new home sales expected to pick back up as the market enters the spring home buying season, residential spending – particularly single-family outlays – should inch up further in coming months.

Mortgage delinquency rate remains flat from last year

With home prices projected to increase in 2024 and the economy not likely to enter a recession this year, mortgage delinquencies should remain steady in the next 12 months.

The economy is having a solid growth pace so far in the first quarter with consumers feeling more confident about their financial well-being than last year. Their resilience in spending, however, is keeping inflation from falling and could create a real problem for the Fed in bringing down interest rates in the near term.

SOURCE : California Association of Realtors

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