Home builder confidence increased in April to an index reading of 63, which was one point higher than for March and the highest reading in six months. Analysts said that April’s reading revealed more about housing market conditions in the past six months than it was an indicator of future market conditions.
Although the majority of the Generation Z population make $25,000 or less per year, they really have embraced the American Dream of home ownership.
Last week’s economic releases included minutes from the most recent FOMC meeting, a report on January sales of pre-owned homes and weekly readings on mortgage rates and new jobless claims.
Jerome “Jay” Powell was sworn in as Chair of the Federal Reserve amidst wild fluctuations in U.S. stock markets. Analysts attributed sliding stock prices to fears over inflation.
Last week’s economic releases included readings on pending home sales, Case-Shiller Home Price Indices and construction spending. The Federal Open Market Committee of the Federal Reserve released its monthly statement and weekly readings on mortgage rates and new jobless claims were released. Last week’s economic readings wrapped with a report on consumer confidence.