Survey reveals improving consumer expectations
Consumer concerns about inflation are lessening while pessimism related to the labor market and debt payments is also easing, a survey suggests.
Household inflation expectations declined in the short, medium and long term, according to the Survey of Consumer Expectations for May released Monday by the Federal Reserve Bank of New York.
While median home price growth expectations also dipped, the overall upbeat forecast may help buttress a U.S. housing market beset with economic uncertainty and elevated mortgage rates that have caused some consumers to delay purchases.
Median one-year-ahead earnings growth expectations increased slightly, while fewer respondents said they think the U.S. unemployment rate will be higher a year from now, according to the New York Fed survey.
The average perceived probability of missing a minimum debt payment over the next three months decreased by 0.5 to 13.4%, the lowest level since January, according to the survey.
Lumber prices rise
The Madison’s Lumber Prices Index for the week ending June 6 was $484 per 1,000 board feet, up $5 from the previous week and $9 from a month ago.
Rising costs for lumber and other materials are pushing new home prices higher across the U.S., according to the National Association of Home Builders. A May survey by the trade group in partnership with Wells Fargo suggested that homebuilder confidence was at its lowest level in nearly two years.
Madison’s Lumber Reporter, established in 1952, analyzes a range of forestry products.
Industrial jobs may boost Houston housing demand
The sale of a 1 million-square-foot industrial park in Houston could have a sizable effect on the area's housing market.
Dallas-based Dalfen Industrial sold the four-building Fairbanks Logistics Park to Taiwanese electronics manufacturing giant Foxconn for $142 million. Known for assembling iPhones, Foxconn plans to create 600 jobs by building an artificial intelligence server manufacturing facility there, according to press reports.
Fairbanks Logistics Park is located at the intersection of Beltway 8 and State Highway 249.
At the end of May, the city of Houston's median sale price was $320,000, up 2% from May 2024, according to Homes.com data.
