RealPage Economy Express Episode 26

Episode 26: Will we see a rate cut in 2024?

  • Existing-home sales declined by 4.3% in March, according to the National Association of Realtors.
  • The median existing-home price increased for a ninth consecutive month, hitting the highest price ever for the month of March at $393,500.
  • Construction spending dipped by 0.2% in March but remained 9.6% above March 2023 levels, reports the U.S. Census Bureau. Private residential construction fell by 0.7%, while public construction rose by 0.8%, led by increases in educational and highway projects.
  • The U.S. Gross Domestic Product grew at a 1.6% annual rate as of 1st quarter, decelerating from the 3.4% increase seen in late 2023. Consumer spending growth slowed, exports fell and federal spending contracted.
  • Payroll company ADP reported 192,000 private sector jobs added in April, with Leisure/Hospitality and Construction industries leading gains. Annual pay growth cooled slightly to 5%.
  • The Commerce Department’s personal consumption expenditures price index rose by 0.3% in March and 2.7% over the last year. Excluding food and energy, core PCE inflation was at 2.8% annually.
  • The Federal Reserve maintained interest rates, citing a lack of progress on bringing inflation down. Rates are likely to remain elevated for some time, with the possibility of one rate cut in the final quarter of 2024.

For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.