In the NAR confidence index 82% of respondents reported prices are constant or rising which is down from 88% in May of 2018. Properties are typically on the market for 26 days, first time home-buyers make up 32% of sales and 81% of transactions are financed.
Rates – held steady this week as the 10 Year US Treasury yield hovered at the 2.0% mark. We’ll see how markets react to the heavily anticipating G20 meeting between Xi & Trump.
Inflation – the Personal Consumption Expenditure Price Index (PCE), which is the Fed’s favorite measure of inflation, showed relatively little movement in prices over the last quarter. As inflation is the arch-nemesis of mortgage rates this is a good sign for rates.
Jobs – the number of people filing for unemployment remains at a very low figure but an mild upward trend is forming.