So there is good news and bad news...
Jobless claims declined for the second straight week. Unemployment benefits for the week dropped 29,000 to 409,000. This beat the median estimates which were calling for the benefits to drop to 420,000. This further points to the fact that April's surge might have been more of a result of temporary events and not a sign of a deeper erosion in the job market.
Now for the not so good news. Although, if you read my blog you will not be surprised by this data.
Here is the latest data:
WASHINGTON (MarketWatch) - Sales of existing single-family homes and condos fell 0.8% in April to a seasonally adjusted annual rate of 5.05 million, the National Association of Realtors reported Thursday. The decline was a surprise. Economists surveyed by MarketWatch expected sales to rise to 5.25 million units in April, based on a surge in pending home sales in March. Sales rose a revised 3.5% in March to 5.09 million units, down from the initial estimate of a 3.7% rise to 5.1 million units. The median price of homes sold was down 5% in April from last year at $163,700. Inventories of existing homes for sale rose 9.9% to 3.87 million units in April, representing 9.2 months' supply, up from 8.3 months in March
Keep in mind that this is national data and not specific to our area.
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