Data

The mortgage meltdown and its somewhat predictable fallout—tighter regulations that ensure such a crisis cannot recur but choke lending and borrowing at the source—have led to an equally inevitable outcome: a glut in cash sales for homes. A recent report by Redfin shows that in 17 metro markets in the United States, a full third of sales this year have been all-cash deals. And that figure has been essentially flat since 2011.

In its most recent monthly release, Deloitte reported a slight rise in its Consumer Spending Index, which measured 3.88 as of the end of the month. Daniel Bachman, senior U.S. economist for Deloitte, said the improvement was thanks to April's decrease in initial unemployment claims and a double-digit pickup in real median new home prices.

According to estimates released Friday by the Commerce Department, sales of new single-family homes last month were at a seasonally adjusted annual rate of 433,000, a 6.4 percent improvement over March’s upwardly revised rate of 407,000. March sales were originally reported at 384,000.

In a new report, PropertyRadar found that single-family home sales in the Golden State were up 20 percent month-to-month, though year-to-date sales are still lagging compared to last year. In fact, according to PropertyRadar's director of economic research, Madeline Schnapp, "year-to-date sales volumes in 2014 are the lowest since 2008."

An index measuring leading economic indicators in the United States posted its third straight increase in April, suggesting economic growth might be ready to take off in the coming months following a weak first quarter. The Conference Board's Leading Economic Index, a gauge of the near-term economic outlook, increased 0.4 percent last month to a reading of 101.4.

According to the National Association of Realtors (NAR), total existing-home sales rose 1.3 percent to a seasonally adjusted annual rate of 4.65 million in April. "Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point," said Lawrence Yun, NAR chief economist.

According to Zillow, more than half of metros in the U.S. currently have fewer homes for sale than last year at this time. In many metros, the company found that inventory is tightest at the lower end of the market, a common price point often desirable by first-time homebuyers.

To its credit, Fannie Mae did not expect soaring growth in the 2014 housing market in the first place. But even its hopes for modest growth have cooled as the lingering effects of a harsh winter and a combination of reduced affordability and consumer reticence regarding mortgages weigh down the national housing market.

As housing metrics continue to take unexpected turns, it’s become clear by now that the current recovery has functioned unlike any other. In the company's latest Economic & Housing Market Outlook, economists Frank Nothaft and Leonard Kiefer at Freddie Mac took a look at three fundamental areas—mortgage rates, home sales, and household formations—to figure out why.

Following a release from Redfin indicating mixed strength in April’s housing segment, RE/MAX has issued its own monthly report, echoing the theme of a cooling market compared to the last few years. "While sales and prices aren't growing at the rate they did last year, we still remain in a recovery with the market settling into a more sustainable growth pattern," said CEO Margaret Kelly.