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Market Minute - Economy and Housing News - Erin Carvelli

  • The inflation rate dropped slightly in January but came in higher than expected. Core inflation without energy and food was up slightly.
  • Retail sales jumped 3% in January, smashing expectations. No categories saw a decline, following a December in which sales fell 1.1%.
  • Forecasts for future Fed rate hikes have increased on the stronger economic data, with rate hikes now expected through June.

  • NAHB’s Homebuilder Sentiment Index improved in February by the largest amount in a decade due to an uptick in demand.
  • New home construction retreated for a 5th straight month in January, reaching the lowest level since June 2020. Building permits also fell.
  • Though some home prices are retreating slightly, the NAR reports the typical home price has risen 42% in the past 3 years. 

Market Minute Report - Mortgage News