The Weekly Economy & Housing Report

    Rod and I are pleased to bring you a weekly report on the mortgage and housing industry, as well as the economy. Weekly we will publish the following report from CoreLogic as a courtesy to you. For more detailed statistics about Utah real estate markets, look for our real estate market updates weekly!

    Rate Environment

    The Economy

    • Last month’s Fed meeting minutes show officials are in no hurry to move interest rates up or down, though investors are looking for a rate cut by year’s end.
    • Recent escalation in the trade war with China has helped keep rates low and could cause more slowdown in the global economy, also helpful for low rates.
    • Consumers seem bullish on the economy, as sentiment reached a 15-year high. However, the reading was taken before recent trade tensions with China.

    Housing News

    • Existing home sales fell in April, likely due to high prices and tight supply at the low end of the market. Recent rate drops should counter high prices moving forward.
    • New single-family home size increased roughly 8% at the start of 2019, now an average of 2,551 square feet. Median home size also increased 11% to 2,335.
    • More baby boomers are choosing to age in place, contributing to low inventory across the country. Almost 52% of boomers say they’ll never move.

     


    *Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

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    Melody Moser

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