The National Association of Realtors expects the median home price to drop from $389,800 in 2023 to $403,800 in 2024. The median new home price is expected to fall from $428,600 in 2023 to $426,100 in 2024 due to the construction of smaller houses.
The National Association of Realtors said: “Housing prices are expected to rise roughly in line with consumer price inflation and wage growth over the next two years. »
The US Dollar Index stabilized near the 105.80 level as traders reacted to the pending home sales report. Most likely, traders will remain focused on the disappointing GDP data released earlier. Treasury yields are rising, but this trend does not provide sufficient support for the U.S. currency.
Gold is trading near the $2,320 level despite rising Treasury yields. Demand for safe-haven assets remains strong, which is bullish for gold markets.
The SP500 has moved away from the lows of the session but remains under strong pressure. It remains to be seen whether the better-than-expected pending home sales data would provide lasting support for the SP500 and other major indexes, as traders worry about the performance of the U.S. economy and high yields Treasury bills.
For a look at all of today’s economic events, check out our economic calendar.
