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California Weekly Market Data ending April 29, 2024

New home sales have the strongest pace in six months

New home sales in the U.S. bounced back in March after a brief retreat in February, with the number of newly constructed single-family houses sold rising 8.8% month-over-month and surging 8.3% year-over-year.

Mortgage delinquency rate falls from a year ago

Mortgage delinquency at the national level dipped on a year-over-year basis for the first time in six months, according to the latest Loan Performance Insights released by CoreLogic.

US economic growth slows in the first quarter

The U.S. economy continued to grow in the first three months of the year but at a pace slower than expected. The pick-up in inflation indicated by the latest GDP report likely reaffirms the Fed’s decision to hold the rate-cut movement for a little longer.  

Saving rates down as spending outpaces income growth

As consumers continue to deplete their savings and cost of borrowing remains elevated, future declines in personal saving rate could put a drag on consumer spending growth, and the economy will likely slow in coming months if wage growth remains stagnant or begins to decline.

Rates could fluctuate as the market waits for a Fed’s Update

Mortgage rates reached the highest levels since late November as recent economic reports indicate that inflation has remained stubbornly high in the past couple of months.

Mortgage rates rose further last week as the latest macroeconomic report shows that the U.S. economy continued to grow moderately with inflation remaining sticky and declining slower than expected. Despite being in an environment where rates stay higher for longer, there are signs that suggest that housing consumers are gradually adjusting to the new normal.

SOURCE : California Association of Realtors

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