Realtor.com Sr. Economist/Manager of Economic Research George Ratiu is back from his vacation and is already to let us know what’s going on in the market. This week, George discusses:
* Economic indicators which posted brighter signs this week, even as recessionary concerns continued to color the outlook;
* The slowing advance of inflation, as consumer prices rose at a more moderate pace, and producer prices posted their first drop since April 2020. He also mentions the improvement in small-business confidence and the cooling of the hot labor market;
* The impact that these developments had on mortgage rates, which rebounded, moving above 5%; Realtor.com July data, which spotlights a market continuing on the path toward rebalancing, and weekly data showing that homes are taking longer to sell in August than they did at this time last year; and
* The cross-market demand report, showcases that home shoppers continue to search for their new home in a different city or across state lines, especially in the more expensive Northeast and West regions.