Inventory was on everyone’s mind last week, and in the week ahead the New Home Sales Report and Existing Home Sales Report for May will be released Friday and Wednesday, respectively.
With home buying putting undue stress on first time homebuyers, and a severe lack of inventory due to an unwillingness to sell and fewer new houses being built, it is becoming increasingly difficult for those that desire to purchase. Companies are even starting to find creative ways to handle the inventory crisis.
The previous New Home Sales report was at nearly half a million—569,000—while existing homes counted 5.57 million sales, not enough to provide a relief for the growing market.
Hopefully, next week’s two home sales reports will show a break in previous trends and, potentially, an increase in inventory.
This Weeks Schedule:
Current Account Deficit, Monday 8:30 a.m. EST
MBA Mortgage Applications, Wednesday 7 a.m. EST
Existing Home Sales Report NAR, Wednesday 10 a.m. EST
Freddie Mac Weekly Mortgage Survey, Thursday 10 a.m. EST
FHFA House Price Index, Thursday 9 a.m. EST