The sunbelt cities of Nashville, Tennessee, Austin, Texas and Jacksonville, Florida are among the hottest job markets in the country right now, according to an assessment of 380 metro areas conducted by the Wall Street Journal and Moody’s Analytics.
The pandemic housing boom hit a peak and should start rolling over as rising inventory forces some home sellers to slash prices. The weight of soaring mortgage rates and increasing inventory are the possible markings of a top that has already led some sellers in major US cities to cut listing prices.
With home sales weakening across the nation (while mean home prices are surging relative to median, signaling higher-end homes dominating the sales) and homebuilder sentiment slumping, this morning’s Case-Shiller (newly minted S&P CoreLogic CS) home price index data unexpectedly accelerated even higher.
While it is traditionally viewed as a B-grade economic indicator, the April consumer credit report from the Federal Reserve was another shocker especially after last month’s stunning surge in credit card debt which saw the biggest increase in revolving credit on record which is why we said that today’s G.19 print straight from the Fed would be just as important as Friday’s CPI print…
Mortgage costs are the most expensive in years as the Federal Reserve embarks on aggressive quantitative tightening, implying that the souring macroeconomic climate may not support extraordinary home price growth for much longer as the national inventory of homes increases for the first time in years, according to Realtor.com data.