What’s on the financial calendar for the week of 2/20 – 2/24?

Man reading financial news | mortgage rate news

What’s on this week’s economic calendar?

The following events are scheduled for the upcoming week, and could end move markets depending on the data provided:

Monday, February 20th

None scheduled

Tuesday, February 21st

S&P flash US services PMI for February 2023
S&P flash US manufacturing PMI for February 2023
Existing home sales for January 2023

Wednesday, February 22nd

FOMC minutes of Feb. 1 meeting

Thursday, February 23rd

Initial jobless claims from February 18th
GDP for Q4 2022
Atlanta Fed President Bostic speaks

Friday, February 24th

Consumer spending for January 2023
Personal income for January 2023
PCE Index for January 2023
Core PCE Index for January 2023
New home sales for January 2023
Consumer sentiment for February 2023

Where is Gen-Z buying real estate?

With the oldest members of Gen-Z in their 20s, it makes sense that they’re looking to get into real estate investing, and they’ve felt the current challenges of the housing market as much as any other group has.

In an effort to help Gen-Zers find affordable housing in up and coming areas, the team at Yahoo! Finance has a list of six metro areas that could end up as a great area to buy into. The first on the list? Toledo, OH. Toledo was on Zillow’s Top 10 Metros for 1st Time Home Buyers in 2023 list. It also offers a potential for a 5:1 inventory-to-buyer ratio, and the percentage of listings with a price cut is around 23%.   

Where are home prices in the US actually falling right now?

Home prices continue to remain up across the country, but are there metro areas in which they’ve started to cool off? According to the National Association of Realtors chief economist, Lawrence Yun, they absolutely are. When asked about where the housing market is starting to slow, Yun said, “A few markets may see double-digit price drops, especially some of the more expensive parts of the country, which have also seen weaker employment and higher instances of residents moving to other areas.”

Yun’s claims are also bearing out in the housing market data. The San Jose, CA metro area was the most expensive place to purchase a home in the 4th quarter of 2022. The median price of a single-family home purchase in San Jose was $1,577,500. So far this quarter, the median home price in San Jose is down 5.8% year-over-year, and prices have dropped 17% from peak in the 2nd quarter of last year.

“A slowdown in home prices is underway and welcomed, particularly as the typical home price has risen 42% in the past three years,” said Yun.

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