As we know, the housing market is just as hot as the weather many of us in the U.S. are feeling, but is the Covid housing spike over?
Last week, we got a good amount of housing data and it showed overall home sales falling for the fourth straight month and overall inventory increasing for the fourth straight month. While housing sales remains above pre-pandemic highs, they are well off there post-Covid highs suggesting that the covid spike may well be over.
Reasons include the record year-over-year increase in home prices causing potential homebuyers to move to the sidelines for the time being, employers now starting to call employees back to the office and the seasonal summer affect where travel and time off moves to front of mind.
For the week ahead, the big data point comes on Friday with the release of the jobs report. Employment continues to be somewhat disappointing with jobless claims still well above pre-pandemic levels coupled with the fact that the pace of hiring hasn’t picked up despite there being over 9 million jobs available. A strong employment number would a be tailwind for continued momentum in economic growth.
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