Market Updates – April 2024

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Here's the latest Market Updates. Click on the "Download PDF" to view or click through the slides above to view.

1.) MBS Highway Housing Index (April 2024):

The MBS Highway National Housing Index rose 3 points in April 2024, resuming its upward trajectory after a brief pause in March. While buyer activity improved month-over-month in most regions, it remains lower compared to the same time last year. Home prices, meanwhile, continue to move higher, boosted by seasonal demand and buttressed by low inventory.

2.) BLS Jobs Report (April 2024):

April's job growth missed estimates, as there were 175k new jobs created versus the 243k that were expected. Revisions to the date for February and March also shaved 22k jobs from those months combined while the unemployment rate rose to 3.9%. Overall, the data suggests softening in the labor sector, which could pressure the Fed to cut rates if this trend continues.

3.) ADP Employment Report (April 2024):

April saw hotter-than-expected private sector job growth, led by a boost in leisure and hospitality jobs, as employers added 192k new jobs versus the 175k that were expected. March's figures were also revised higher (from 184k to 208k new jobs), with ADP noting that April's "hiring was broad-based" with only the information sector showing weakness.

4.) Home Builder Sentiment (April 2024):

Home builder confidence held steady in April, and while this ended four months of gains, sentiment remains in positive territory above the key breakeven threshold of 50. Among the index components, buyer traffic and current sales expectations ticked higher. Yet, sales expectations for the next six months softened as many buyers remain on the fence.

5.) Change in Home Value after 10 years:

Talk about a winning record! Buying a home and holding it for 10 years has earned a profit every year except one since 1942. Just look at those returns, too! Housing builds significant, long-term wealth.

The Levinson Team



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