The Corey Smith Team - Guaranteed Rate

In February, U.S. construction spending rose 0.5% month-over-month to a seasonally adjusted annual rate of $1.7 trillion. Residential construction spending rose 1.1% month-over-month as builders are working to replenish housing inventory.

In January, the 20-city Case-Shiller home price index climbed 1.8% month-over-month and 19.1% year-over-year. While this increase is higher than that of December, it’s important to keep in mind that this data is from January, prior to any rate hikes.

This week, market-moving reports scheduled for release will include the Case-Shiller home price index and the U.S. construction spending report. Read here: tbd - coming soon - dont fill outmarket-update-rates-rise-case-shiller-home-price-index-construction-spending-coming-up-this-week-2022-03-28

In February, the pending home sales index dipped 4.1% month-over-month. Though the report showed a decline, it is smaller than January's decrease.

In February, new home sales declined 2% month-over-month, down to a seasonally adjusted annual rate of 772,000. After months of high home buyer competition, this decline could be indicative of a stabilizing housing market.

Last week, the Federal Open Market Committee voted to hike the benchmark interest rate by 25 basis points. Here’s what to expect from the Fed as the year continues: tbd - coming soon - dont fill outmarket-update-rates-rise-new-home-sales-pending-home-sales-coming-up-this-week-2022-03-21

Existing home sales declined in February, down 7.2% month-over-month to reach a seasonally adjusted annual rate of 6 million. On the other hand, existing home inventory increased 2.4% month-over-month to a level of 870,000.

In February, building permits declined 1.9% while housing starts surged 6.8% to a seasonally adjusted annual rate of 1.77 million. The rise in housing starts is likely reflecting December and January’s rise in building permits.

BREAKING: The Federal Open Market Committee voted to increase the benchmark interest rate for the first time since 2018. The Committee will raise the federal funds rate by 25 basis points, bringing it to a range of 0.25% to 0.50%.

This week, the Federal Open Market Committee will meet to set the federal funds rate. As many experts predict a rate increase, what can you expect? Read here: tbd - coming soon - dont fill outmarket-update-rates-rise-fed-interest-rate-decision-housing-starts-and-building-permits-and-existing-sales-coming-up-this-week-2022-03-14

In February, the consumer price index rose 0.8% month-over-month. Year-over-year, the index climbed 7.9% to reach a 40-year high.