Updated: Jul 26
• Consumer Confidence
• NEW Home Sales, Prices and Months of Inventory
• Existing Home Pending Sales Index
• Federal Reserve FOMC Meet
Consumer Confidence is the shaded area and it has been trending down as well as Business Leading Indicators which are clearly showing a downward trend.
NEW home sales have pulled back from their COVID/3% mortgage levels. New Home Sales have been adversely impacted by mortgage rates higher than 5.00%. NEW home prices have continued to rise.
NEW home months of inventory spiked when mortgage rates exceeded 5.00% This appears to be a KEY price point for buyers who are Millennials (blue line).
Pending EXISTING Home Sales (shaded area) have been trending down as mortgage rates increased, prices increased and the number of homes for sale has decreased.