What are experts saying about today’s inflation report?
Today’s inflation report may end up being one of the more consequential data points of the year. The Federal Reserve has indicated that it’s considering rate cuts. A number close to the Fed’s 2.0% target may push them into taking action, while a hot number may indicate that ‘higher for longer’ is here to stay.
The expert prediction for the report is a 0.3% monthly gain in core inflation metrics excluding food and energy. On a year-over-year basis, economists are predicting a 3.1% gain in headline inflation and a 3.7% increase in core inflation.
Sarah House, a senior economist at Wells Fargo, stated, “While we do not expect the trend in inflation to re-accelerate this year, less clear progress over the next few months is likely to keep the Fed searching for more confidence that inflation is on course to return to target on a sustained basis.”
What does the latest housing data say?
Altos Research has released its weekly housing market report, and they’ve uncovered a few surprising data points.
Based on current data, Altos Research is projecting a housing inventory increase of 40% this year. Altos is projecting that available inventory has climbed by more than 21% this year and will continue to climb until rates cool off.
The market isn’t seeing a flood of new homes. The active new weekly listings metrics showed that there were 4% more sellers this year than last year. According to the data, there are more sellers than buyers right now.
When it comes to home prices, the median home price of a single-family home is $432,000. That’s up about 0.5% week-over-week, and up a little over 1.0% from a year ago. It’s common for home prices to tick upwards during the Spring, but we’re not seeing buyers rushing back into the market. There are just enough buyers to support the market at the current levels.
Where are affordable homes in the current market?
A recent article from Realtor.com detailed where potential homebuyers can find homes priced under $350k. The metro area that topped the list might surprise you. Believe it or not, Miami, FL has 6,654 homes available for sale priced between $200k and $350k. The percentage increase in affordable homes for the Miami metro area was +67.4%. The available affordable inventory in Miami has increased by more than two-thirds.
Tampa and Orlando came in third and sixth on the list. Dallas, TX came in second place with 4,629 available affordable unites and 31.9% year-over-year increase in available homes.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
