U.S. Economic, Housing and Mortgage Market Outlook June 2024

This report provides an analysis of the U.S. economic, housing, and mortgage market outlook as of June 2024. It outlines the recent developments in the U.S. economy, noting a moderation in GDP growth to 1.3% annualized in Q1 2024, primarily due to downward revisions in consumer spending. The report details the labor market, highlighting job gains of 272,000 in May, although the unemployment rate increased to 4%. It discusses the housing market, indicating a slowdown in home sales and a slight improvement in housing inventory. The report also covers mortgage rates, which have receded from previous highs, and the impact of these rates on homebuyer activity. Additionally, it presents a spotlight on the Asian American, Native Hawaiian, and Pacific Islander homeownership trends, noting their growing demographic and potential increase in homeownership rates. Overall, the report suggests that while growth has moderated, it remains consistent with historical averages, and inflation continues to be a concern.