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California Weekly Market Data ending May 20, 2024

Updated: Jun 24

April Consumer Price Index offers hope for Fed rate cut

The latest inflation report on consumer prices suggests that overall price growth eased slightly in April, with core inflation dropping to the lowest level in three years.

Softer than expected retail sales suggest spending fatigue

The recent drop in retail sales may mean that inflation and high interest rates are reducing consumer spending. However, we need more data over the next few months to see if this trend continues.

Home sales bounce back in April

Since rates have cooled off this month, more buyers might return to the market in the coming weeks as the homebuying season progresses.

California median price set a new record high

For the first time in California history, the statewide median price exceeded $900,000. More records will likely be set before summer ends due to seasonal factors and tight inventory pushing prices up.

Housing starts improve but builder sentiment dips for first time in six months

Concerns about recent rate volatility are causing builders to pause. Many are less optimistic and have likely lowered their demand forecasts for the year.

Mortgage rates moderated further last week before inching up in the past couple days, as latest economic reports suggest that consumer inflation resumed its downward trend, while retail spending cooled more than expected. It will take more than just a couple reports to justify rate cuts for the Fed, but the new numbers offer hope that the central bank could still lower rates in their upcoming July or September meeting.

SOURCE : California Association of Realtors

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