"The biggest contributor to the all-items index's monthly increase was the energy index, which rose 10.9% in March, led by a 21.2% increase in the index for gasoline."
"The index for all items, less food and energy, rose 0.2% from the month prior in March, with the core items index up 2.6% annually."
"Higher rates erode buyers' purchasing power and stall progress toward greater affordability, according to Lisa Sturtevant, chief economist at Bright MLS."
"The spring housing market is currently caught in a crosscurrent of conflicting signals, with increased choice and decreased confidence among buyers and sellers."
In March, the energy index increased by 10.9%, driven by a 21.2% rise in gasoline prices, which contributed to 75% of the all-items index's increase. The shelter index also rose by 0.3%, while the food index remained unchanged. Core inflation rose by 0.2% month over month and 2.6% year over year. Economists suggest that the March inflation data and labor market resilience diminish the likelihood of a Federal Reserve rate cut. Rising mortgage rates and falling consumer sentiment are affecting the housing market, leading to cautious behavior among buyers and sellers.
Read at www.housingwire.com
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