Homeowners Not Selling Due To Mortgage Rates

Market Overview
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Year To Date Performances:

1. Homeowners appear to be holding onto their low-rate mortgages, as indicated by the recent trend in pending home sales. With pending home sales declining for the third consecutive month, it is evident that limited housing supply is struggling to meet the demand. In May, pending home sales experienced a 2.7% decrease, reaching their lowest point of the year and reflecting a 22% decline on an annual basis. Additionally, Redfin reports a significant year-over-year drop in new listings (27% in June) and a notable decrease in active listings (11%, the most since April 2022).

2. Oil prices have experienced a downturn recently. WTI crude has suffered its second consecutive quarterly loss, which is the first time this has happened since 2019. Similarly, Brent crude has seen its fourth consecutive down quarter, a trend not witnessed in over 30 years of available data. These developments reflect the challenging period that the oil market has been facing.

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4. Headlines

   1. Global deal volumes in mergers and acquisitions (M&As) and initial public offerings (IPOs) are down by 42% compared to last year.

   2. Monster Beverage is in the final stages of completing a $362 million acquisition of Bang Energy.

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   1. Labor Market Remains Tight

   2. Q1 GDP Data Revised

   3. Treasury Yields Rise

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