Chart of the Week
Existing home sales just fell to the lowest levels of the past two decades. The inventory of homes for sale remains stubbornly low. Households locked in mortgage rates around 3% and are not forced sellers. Most will refuse anything less than the peak prices seen last year. The home price index run since the 2006 peak is something to behold. The inflation-adjusted prices in 2022 exceeded the level of the 2000s.
What We’re Reading
Retirement Spending is More Flexible Than Commonly Thought – CFA Institute
What you need to know about the CPI report – KKR
What Is ChatGPT Doing … and Why Does It Work? – Wolfram
Joe Montana Was Here – ESPN
Podcast of the Week
Why Everybody Is Wrong About a Recession and Housing’s Great Comeback – Plain English
The Past Week
Inflation data came in at expectations last week. The year-over-year in price change continued to decline. Housing starts disappointed as higher mortgage rates weigh on homebuyers.
The Week Ahead
The S&P Global Purchasing Manufacturers Index showed expansion for services and better than expected data for manufacturing. We will be watching the price index for Personal Consumption Expenditures this week.
Thank you for reading.
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