Market Minute - Economy and Housing News - Erin Carvelli

  • Retail sales increased in April for the first positive reading since January. They still fell short of expectations, as consumers struggled with inflation.
  • Unemployment claims fell by the most since 2021 after fraudulent claims in at least one state boosted the previous week’s numbers.
  • Total consumer debt hit a fresh new high in the 1st quarter of 2023, at just over $17 trillion. Debt increased in all categories.


  • New mortgage originations, including refinances, totaled just $323.5 billion for the 1st quarter, the lowest level since the 2nd quarter of 2014.
  • Despite strong demand, April’s existing home sales fell 3.4% for the month and 23.2% year over year. Tight inventory remains a problem.
  • However, April's single-family building permits increased 3.1% to a 7-month high, while single-family housing starts rose 1.6%. 


Market Minute Report - Mortgage News