Houtan HormozianExpert on Real Estate, Finance and PropTech

Latest Housing & Mortgage Market Update You Need to Know!

12 May 2026 · 1 min

Watch on YouTube

1:23

In this concise market briefing, the presenter outlines recent U.S. housing and labor‑market data. New single‑family home sales rose 3.3% YoY in March, helped by limited existing‑home inventory and modestly better mortgage rates. Construction spending rebounded, with a 2.7% increase in single‑family home construction spending for the month. Purchase mortgage applications fell 4% week‑over‑week as rates edged higher, though they remain 5% above the same week last year. ADP reported a strong private‑payroll gain of 109,000 jobs in April, far exceeding forecasts and indicating continued labor‑market vigor. The New York Fed noted that lower‑income households are cutting spending to offset higher gasoline prices, while higher‑income households’ spending is largely unchanged. The JOLTS report showed a 3.5% hiring rate in March, the strongest since May 2024 after a dip to near‑pandemic levels in February. The update ends with a call for viewer engagement.

Chapters

New home sales rise despite low inventory. Private payrolls surge as hiring strengthens. Consumer spending changes as gas prices rise. New— limited inventory in the existing home market, along with slight improvement in mortgage rates, helped boost new home sales in March, which rose 3.3% compared to a year ago. Construction spending also recovered during the month of March, driven by a 2.7% increase in single-family home construction. Meanwhile, purchase mortgage applications declined 4% last week as rates moved higher. Although applications still remained 5% above the same week last year. According to Automatic Data Processing, or ADP, private payrolls increased by 109,000 in April, rising from 61,000 in March and coming in far above forecasts, pointing to continued strength in the labor market. The Federal Reserve Bank of New York reported that lower-income consumers are reducing spending to manage higher gas prices while higher-income households have made few changes to their spending habits. The Job Openings and Labor Turnover Survey report also showed the hiring rate 3.5% in March, marking its strongest level since May 2024 after falling close to pandemic-era levels in February. Thoughts on this update? Comment below. Give us a like, tag a friend, and let's keep the conversation going. Message us here or visit our website.