Key Econ Releases This Week

• Consumer Confidence

• NEW Home Sales, Prices and Months of Inventory

• Existing Home Pending Sales Index

• Federal Reserve FOMC Meet

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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.

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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.

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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).

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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.