Existing home sales dropped 2.4% in April, likely due to higher interest rates.

The hot housing market is finally starting to cool. Existing home sales dropped 2.4% last month to their lowest levels since the start of the pandemic, according to the National Association of Realtors. Median home prices are up nearly 15% since last year, sitting at $391,200. Rising mortgage rates have been weighing on homebuying interest the last few months. And in some good news to kick off the weekend, U.S. stock markets are making a recovery today after another week of losses in equities over concerns about inflation and a potential recession. Markets are getting a lift after China's central bank cut interest rates for mortgages. Rising rates of inflation around the world have put pressure on consumers and markets amid concerns about the Federal Reserve tightening monetary policy to fight inflation while avoiding an economic slowdown. The energy, tech, and communication sectors are leading the gains today, with the tech-heavy Nasdaq up over 1%, after sell-offs slammed tech stocks earlier this week. However, even with today's gains so far, the S&P 500 still remains within striking distance of a bear market (a drop of 20% from a most recent high). - Kristin |
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You've seen the effects of supply chain woes: relentlessly higher gas prices, bare shelves where baby formula should be. Unfortunately, a new economic index confirms that supply chain problems aren't getting better. The New York Federal Reserve's new Global Supply Chain Pressure Index, launched this week, shows that supply chain delays got worse in April after having dropped considerably from the peak they reached in December 2021. |
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While most home improvements may seem like a good idea, some are more worthwhile than others. Here are the three that add value—and three to skip. Learn More > |
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That's the unemployment rate to keep watch for in the next three months—if it ticks up to that, an economic recession is likely imminent, according to one analysis. |
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