MetroIntelligence Economic Update by P. DUFFY
Consumer sentiment rebounds 8.2 percent in January but still down 3.9 percent year-on-year
Consumer sentiment remained low from a historical perspective but continued lifting for the second consecutive month, rising 8% above December and reaching about 4% below a year ago. Current assessments of personal finances surged 16% to its highest reading in eight months on the basis of higher incomes and easing inflation. Although the short-run economic outlook fell modestly from December, the long-run outlook rose 7% to its highest level in nine months and is now 17% below its historical average.
NAHB: Materials shortages ease with notable exceptions
In May of last year, Eye on Housing reported on historically widespread shortages of building materials. Since then, most of the shortages have eased; the major exceptions being shortages of HVAC equipment and certain categories of ceramic materials (ceramic tiles, clay bricks and cement-based building materials), which have gotten slightly worse.
Redfin: Online searches and tour requests rising in early signs of improving buyer demand
The typical home is taking longer to sell than any period since April 2020 and pending sales are at a record low, but online home searches and tour requests are ticking up. Those early signs of demand could translate into sales–especially as mortgage rates fall from their peak and inflation cools.