Weekly Market Observations - May 30, 2023

Here’s Our Weekly Market Observations :

Redfin reports out-of-town moves dropped 6% YoY, and in-town moves dropped 17% YoY

US GDP Q1 growth was stronger than expected, revised up from 1.1% to 1.3%

Existing home sales decreased 3.4% in April compared to March and 23.2% YoY

Pending home sales remained flat from March to April while experiencing a drop of 20.3% YoY

Average 30-year fixed mortgage rates jumped up to 6.57%