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California Weekly Market Data for week ending February 5, 2024

Fed Holds Rates Steady but Warn They May Be Slow Coming Down

a robust jobs report swiftly pushed the 10-year rate beyond 4%, and the daily mortgage rates climbed back above 7% for the first time this year.

Strong Jobs Numbers Drive Bearish Bond Market

The new data on job openings shows that there are still roughly nine million open positions being advertised and the strong jobs numbers continue to reflect a solid pace of hiring.

Labor Markets may Not Be as Tight as We Think

The latest jobs report from the Bureau of Labor Statistics was well above expectations, but upcoming releases could be weaker than these headline numbers suggest.

Consumers Still Source of Concern Despite Recent Strength

Although consumers remain unflappable due to strong labor markets and ongoing wage and productivity growth, they face mounting headwinds from rising debt levels, dwindling savings, and higher interest rates.

The latest weekly figures for pending sales indicate that consumers capitalized on the recent decline in interest rates observed last month. As we enter the spring homebuying season in the coming months, there is potential for an uptick in closed sales.

SOURCE : California Association of Realtors

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