Inside This Week’s Market News for the Week of May 29th

Existing Home SalesThe last week saw jobless claims trending towards March levels, below numbers from earlier this year. The claims for the week of May 19th came in at 370,000, similar to the 368,000 from April 28th.

Consumer sentiment is stronger than ever with the index jumping up to 79.3, up almost 3 points from April of this year. The rising trend of optimism amongst consumers appears to be consistently rising and will be a closely watched report in the weeks and months to come.

The New Home Sales forecast for the month of April, released May 25th, reported that new home sales came in at an annual rate of 343,000. While new home sales are slowly climbing, April’s numbers are barely more than the 339,000 rates from January and December.

Existing Home Sales for April, released on May 22nd, show solid gains with the annual rate of 4.62 million, up 3.4% from March – this compared to a 2.6% fall in March.

Forecast

The Pending Home Sales Index, a leading indicator of existing home sales, will be released this Wednesday. The index jumped up 4.1% in March which points to a possible upward trend for existing home sales.

Finishing what could be a quiet week with Memorial Day closing the markets Monday, the latest Consumer Confidence report will be released this Friday on the 29th which will measure the current state of consumer attitudes regarding the economy.

The bottom line is that now continues to be an excellent time to purchase a new home, as home loan rates still are near historic lows. If we can answer any questions for you please contact us, we would be glad to help you.

Graph: Data source: Haver Analytics courtesy of www.bloomberg.com

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