Many dealers are reporting that their May sales are better than they had initially estimated. The same holds true for April’s overall housing data.
News in end use
Weekly Jobless Claims Rise Another 2.123 Million for Week Ending May 23rd
The U.S. Department of Labor is reporting that an additional 2.123 million Americans made their initial filing for unemployment benefits during the week ending on Saturday May 23rd.
Pending Homes Sales Tumble 21.8% in April
The National Association of Realtors® (NAR) has reported Pending Homes Sales Index (PHSI) declined -21.8% to 69.0 in February.
Mortgage Rates Hit Another All-Time Low
Housing starts, sales and prices are all expected to plunge until a recovery, which is expected to start sometime in mid-2021, gets underway.
Mortgage Rates Return to a Nearly a 50-year Low
The Primary Mortgage Market Survey shows that 30-year fixed-mortgage rate averaged 3.15% with an average 0.8 point, down from last week when it averaged 3.24%.
Nonfarm Payroll Employment Drops in April – Construction Industry Loses Almost a Million Jobs
According to the Bureau of Labor Statistics, nonfarm payroll employment dropped in all 50 states and the District of Columbia, in April 2020.
The Conference Board Reports their Consumer Confidence Index® Held Steady in May
After sharps declines, signs of stabilization appear in Consumer Confidence indices.
The S&P CoreLogic™ Case-Shiller Index Reports Home Prices Accelerated in March
According to the Case-Shiller index, home prices rose 4.4% annually, up from 4.2% in February.
FHFA Reports House Prices Increased in First Quarter of 2020
U.S. house prices rose in the first quarter of 2020, up 1.7%.
New Home Sales Modestly Rise in April
Sales of new single-family homes in April 2020 were at a seasonally adjusted annual rate of 623,000, 0.6% above the revised March rate.