At 11am PST the Fed Minutes for the May 1st Fed meeting will be released.

• Next move may not be rate hike
• Inflation continue to stall.
• Unemployment rate going up
• Feds slowing down Balance sheet reduction (quantitative tightening)
• Feds increasing their Balance sheet (quantitative easing) -good for rates

Existing home Sales

This is the sale of existing homes not new builds.

• Fell 1.9% in April. Slightly lower than expectations
• Higher rates in February did not stall sales
• Inventory increased 9% mont/month
• Inventory up 16% from last year.
• Median home price up 3.7% to $407,600

The bigger news is first time home buyers make up 33% of the sales, which is up sharply. Cash buyers accounted for 28%, Investors 16%.

27% of homes sold above the list price. Mortgage applications down slightly and 11% lower than this time last year.

Inventory is headed in the right direction and with fewer borrowers looking, Now might be the right time to make your move.