This week brings a deluge of housing market data, and all eyes will be on the new home sales and existing home sales reports. Last week, the headlines seized upon predictions of a 1.9% decline in home values this year – prompting many pundits to raise the alarm. Yet a closer look at the underlying trends reveals a far more nuanced story, one in which modest price adjustments coexist with steady sales growth and localized strength.

Restoring The Balance

Zillow’s modest price pullback reflects a simple reality: listings are rising faster than buyer demand. In the early weeks of the spring home‑shopping season, the number of new sellers jumped noticeably compared with last year, while the estimated number of potential buyers declined by roughly 1.1%. When supply outpaces demand, home values naturally soften. However, a large increase in the number of sellers coupled with a small decline in the number of buyers still translates to more total home sales. The increase in housing inventory coupled with mortgage rates that are still roughly 50 bps below year-ago levels is welcome news for home buyers.

Local Markets Defy the Narrative

The national statistics, however, mask dramatic variation at the metro level. Major markets such as San Francisco, San Jose, and Denver are experiencing inventory surges – not because buyers have vanished, but because demand is increasing at a slower pace than the number of homes coming on the market. These same metros led the country in year‑over‑year percentage gains in home sales during March.

The Role of Mortgage Rates and Consumer Confidence

One key factor tempering buyer activity has been wavering consumer confidence. When consumers fear a downturn, they curb their spending – especially for discretionary purchases and big ticket items. Compounding the uncertainty is April’s stock‑market correction, which wiped out trillions in household wealth. Yet mortgage rates offer a countervailing tailwind. Since mid‑February, rates have fallen roughly 30 basis points, improving affordability and inviting some buyers back to the table. Lower borrowing costs mean monthly payments could improve for many would-be buyers – a dynamic that should support sales volumes through the months ahead.

In other news…

Adding to the week’s importance, several Federal Reserve officials – including Presidents Patrick Harker, Raphael Bostic, and Mary Daly – are slated to speak. Their remarks will shed light on central bankers assessments of the economy and the timing of future rate cuts. Traders, meanwhile, continue to price in three rate reductions in 2026, beginning at the June FOMC meeting.

(The Center Square) – A battle is brewing nationwide over whether recipients of SNAP benefits, also known as “food stamps,” should be allowed to purchase soda and candy with their government food assistance. 

Critics of the new push to ban soda and candy purchases under SNAP say it unfairly targets lower income families, limits consumer choice and won’t result in better health outcomes. 

Governors in four states are asking the federal government for waivers allowing them to prevent SNAP recipients from using their benefits to purchase what one governor calls “taxpayer-funded junk food.”

SNAP overall costs the federal government about $115 billion per year. A wide array of products are currently disallowed for SNAP users, from alcohol to tobacco products to pet food to vitamins. 

Secretary Brooke Rollins, who oversees the U.S. Department of Agriculture, has publicly said she would approve the waivers.

Health and Human Services Secretary Robert F. Kennedy Jr. also said in a recent speech he welcomes the effort from state leaders.

The scope of the bans vary by state. In West Virginia, the ban would restrict soda purchases. In Idaho and Indiana, the limits apply to soda and candy. 

Arkansas Gov. Sarah Huckabee-Sanders submitted a waiver to the Trump administration last week asking permission to enact the ban in her state blocking SNAP purchases of soda and candy, as The Center Square previously reported. Notably, Sanders’ waiver “will extend to confectionary products with flour…” which is a more broad definition of candy than in some other states. 

Sanders’ waiver also requests SNAP recipients be allowed to purchase rotisserie chickens with their benefits, which are currently blocked under the “hot food” purchase ban at the federal level.  

Sanders raised the issue with the Trump administration in December, sending a letter to U.S. Department of Health and Human Services Secretary Robert F. Kennedy Jr. and U.S. Department of Agriculture Secretary Brooke Rollins before they were confirmed by the Senate.

“As Secretaries, I ask that you work collaboratively across the Administration to prohibit the sale of junk food in SNAP and end taxpayer-funded junk food,” the letter said. “I also wish to notify you of my intent to pursue a SNAP Waiver from the U.S. Department of Agriculture’s Food and Nutrition Service that would support fresh fruits, vegetables, eggs, and protein and prohibit using SNAP for junk food.”

Lower-income Americans who receive the benefits could still purchase those snacks and beverages, just with their own cash, not the government assistance.

“In fact, soda, unhealthy snacks, candy, and dessert account for nearly 23 percent, or $25 billion, of all SNAP purchases,” Sanders said. “Given the relationship between junk food and poor health, our federal food assistance policies are fueling obesity, diabetes, heart disease, hypertension, and a wide range of chronic health conditions across America.”

Critics of the new push to ban soda purchases under SNAP say it unfairly targets lower income families and limits consumer choice. 

States efforts vary in their approach. Efforts to ban soda and candy are simpler, but language from Huckabee-Sanders and others about “unhealthy snacks” would be much more complicated to regulate. 

Determining which foods are “healthy” or not could be tricky. Does trail mix count as candy if it includes some? Does gum count as candy? Generally, definitions are required to make a distinction between sodas and whether certain “juices” are acceptable.  

“This policy approach is misguided and not needed when it comes to chocolate and candy,” Chris Gindlesperger, senior vice president of Public Affairs and Communications at the the National Confectioners Association, said in a statement. “SNAP participants and non-SNAP participants alike understand that chocolate and candy are treats – not meal replacements. In fact, candy purchasing patterns are basically equivalent between SNAP and non-SNAP families – with only about 2% of SNAP purchases being candy. Consumers have a unique mindset when they enjoy chocolate and candy that is not present when interacting with other foods – whether or not they are using SNAP benefits for food purchases.”

Besides the four states whose governors have said they are moving forward with some version of restrictions on SNAP purchases, other states have seen similar efforts. 

In some cases, only soda is in the crosshairs.

In Ohio, a measure making its way through the legislature would result in blocking SNAP purchases of sugary drinks, efforts the beverage industry says is unfair and won’t improve individuals’ health. 

“Make no mistake, this waiver won’t make an ounce of difference on health,” the trade organization American Beverage said. “Obesity has skyrocketed in the last two decades while beverage calories per serving have dropped by 42% – thanks to our industry’s efforts to empower Americans with more choice and information. In fact, 60% of beverages Americans buy today have zero sugar due to our innovation.”

In Michigan, State Rep. Brad Paquette, R-Niles, introduced a bill to prevent SNAP benefits from being used for soda. State leaders are facing opposition from critics as they get the initiative approved at the state level, but so far the Trump administration has said it is happy to approve the waivers when they are submitted.

“Michigan taxpayers should not be required to fund poor food consumption,” Paquette said. “This legislation is in no way calling for low-income individuals to be stripped of the assistance they currently receive to feed themselves and their families, but we have to recognize that this assistance is a privilege and comes at the expense of taxpaying workers. 

“We should ensure that SNAP beneficiaries are not using this program in a way that is both exorbitant and palpably harmful to themselves,” Paquette added. 

(The Center Square) – President Donald Trump’s Environmental Protection Agency Administrator Lee Zeldin is crisscrossing the country, meeting with policy leaders and everyday Americans to address issues of importance to constituents and promoting his “Powering the Great American Comeback” initiative.

“Under my leadership, EPA will no longer view the goals of protecting our environment and growing our economy as binary choices. We must and we will choose both,” Zeldin said of the EPA’s mission.

The EPA’s “Powering the Great American Comeback” initiative “will continue tirelessly in our work to ensure clean air, land, and water for every American, while simultaneously driving economic growth by unleashing energy dominance, pursuing permitting reform, making the U.S. the AI capital of the world, and bringing back American auto jobs,” he said.

“Under President Trump’s leadership, we are recommitting to common sense policies that preserve our environment and work for all Americans to unleash American energy, revitalize domestic manufacturing, cut costs for families and pursue permitting reform. The EPA will strive to accomplish all this while fulfilling our commitment to the rule of law, advancing cooperative federalism, and being great stewards of your hard-earned tax dollars,” he said.

To that end, Zeldin’s been traveling across the country meeting with Democrats and Republicans, including Democratic governors, state and federal lawmakers.

During his latest stop in Midland, Texas, he met with industry executives to discuss the agency’s reversal of Biden-era policies and regulations targeting the oil and natural gas industry, The Center Square reported. It was the first time an EPA administrator ever went there.

This was after a 36-hour swing through Salt Lake City, where Zeldin toured the Kennecott Copper Mine. It’s the world’s largest open-pit copper mine where the EPA is conducting a review of cleanup efforts. He also met with state and federal lawmakers to discuss air quality issues, including rescinding a previous administration guidance on international transport emissions. Zeldin is working with states and local air agencies “to develop the evidence necessary to grant regulatory relief,” he said.

“It is a priority for me to work directly with the regions and states, instead of leading from behind a desk in DC. It is essential to learn about the top environmental issues Americans face in communities across the nation and what we can do at EPA to more effectively carry out our mission,” he said.

Prior to that, Zeldin traveled to Denver to visit the Rocky Mountain Arsenal Superfund Site, met with Democratic Gov. Jared Polis and state and federal officials to advance the agency’s commitment to “cooperative federalism,” discuss air quality and energy issues critical to Colorado.

Zeldin is traveling to Superfund sites and disaster recovery areas as part of his Powering American Comeback Initiative.

In Missouri, he visited the West Lake Superfund and Coldwater Creek sites and participated in events hosted by U.S. Sen. Josh Hawley. Hawley had asked Zeldin to expedite cleanup of the West Lake Landfill that’s been a Superfund site since 1970. Prior to being confirmed EPA administrator, Zeldin promised Hawley he would visit the site to determine the extent of radioactive waste contamination that caused high cancer rates in the area. Zeldin met with residents who described their illnesses attributed to the site as well as with farmers who expressed concerns about fuel costs, food security and water.

In Arizona, he met with Democrats Gov. Katie Hobbs and U.S. Sen. Mark Kelly, members of the Arizona Chamber of Commerce and the Ak-Chin Tribe to discuss efforts to improve air quality, reduce pollution, implement policy reforms and spur economic growth.

A major focus of Zeldin’s is working with states and tribes to “resolve the massive backlog of State Implementation Plans (SIPs) and Tribal Implementation Plans (TIPs) that the Biden-Harris Administration refused to resolve.”

Because the Biden administration focused on “ideological pursuits instead of the agency’s core mission and statutory duties,” Zeldin argues, there were extensive delays in air quality improvement. “With more than 140 million Americans living in nonattainment areas around the country, cooperative federalism and clearing out the State Implementation Plan backlog will make significant strides to improving the air we breathe,” he said.

“The EPA will work with, not against, states and assist them to ensure that air quality is protected while growing the economy – including development and expansion of semiconductor manufacturing and artificial intelligence,” he said.

Zeldin also traveled to Hawaii where he met with officials and community leaders to survey recovery efforts after the 2023 Maui wildfires, visited the Red Hill Bulk Fuel Storage Facility, and met with the Hawaii Department of Health to discuss collaborative efforts to provide clear air, land and water.