Friday Market Update for the Week of March 23rd 2021

Happy Friday, Brian Manning here with the weekly update. Yet again, so let’s see.

Monday, Tuesday, Wednesday of this week, pretty quiet news days, not much to talk about there.

Thursday of this week, we got existing home sales. So existing home sales on a month-over-month basis for the month of March was down 3.7%. On a year-over-year basis, existing home sales are up 12%. Probably month-over-month is being impacted by a lack of inventory but we’re still seeing strong year-over-year numbers, so that’s great to see. Also, days on market set a record for the shortest days on market report ever which is crazy. First time home buyers moved up from making up 31%-32% of all purchase transactions and cash-buyers increased from 22% to 23% of all purchase transactions as well, so still a tremendous amount of activity there.

We also got initial jobless claims as we do every single Thursday. Initial jobless claims were down 37,000 people which gave us a number of 574,000, the best number since COVID. Unfortunately, we still have 17.5 million people receiving some sort of unemployment benefits, so we still have a long way to go in economic recovery. Today we get new home sales. So new home sales measures signed contracts for new homes and that’s up 21% on a month-over-month basis which is unbelievable.

I’m around all weekend, if you have any questions, let me know. Call me, text me, I’d love to help you in any way I can. Happy Friday, hope you have a great day!