In this weeks realtor.com update, from the realtor.com YouTube channel, Manager of Economic Research George Ratiu talks about changes in the economy and housing markets as we move into spring. George mentions that the final update to the 4th quarter 2021 GDP showed strong growth, even with a slight downward revision, pushing corporate profits to new highs. He also talks about February’s gain in consumer spending, highlighting that inflation is beginning to weigh on many families. George discusses the employment landscape, which shows strong hiring in March, and a continued shortage of labor which is encouraging millions of workers to find better jobs and boosting consumer confidence. Wages rose as well, however, they are not keeping pace with inflation.

On the real estate front, George covers the fourth weekly jump in mortgage rates, which are closing in on 5% just as the spring season is about to hit its stride. With today’s buyers facing higher mortgage payments, he talks about Realtor.com’s March inventory report, which shows that tight inventory pushed prices to record highs, which combined with rising rates, are pricing some buyers out of the market. George highlights that the Fed has a challenging balancing act ahead while it works to tame inflation, without pushing the economy in reverse.