In this weeks Weekly Housing Update, from the realtor.com YouTube channel, Manager of Economic Research George Ratiu talks about shifts in the economy and housing markets. George talks about factory orders, which declined for the first time in 10 months. He mentions that consumers are traveling and spending more, driving gains in services. However, companies remain concerned about high prices and labor shortages. George discusses the increase in consumer credit, as families are borrowing more to meet financial needs. On the upside, labor markets are recovering and companies remain cautious about layoffs. George mentions that the Federal Reserve is expected to increase rates faster this year.
On the real estate front, George talks about the fifth weekly jump in mortgage rates, which crossed 5%, into territory not seen since 2011, when home prices were less than half what they are today. He discusses the 2022 Realtor.com Seller Survey report, which shows more homeowners are planning to list affordable homes in the next six month. And George highlights that Realtor.com’s weekly numbers are beginning to see this inflow.