In the second quarter of 2024, the U.S. economy grew twice as fast as it did in the first quarter, supported by consumer spending and private inventory investment. Furthermore, the data from the GDP report suggests that inflation is cooling. The GDP price index rose…
New home sales fell to the lowest level since November 2023, as elevated mortgage rates continued to keep buyers on hold. Sales of newly built, single-family homes in June fell 0.6% to a 617,000 seasonally adjusted annual rate from a slight upwardly revised reading in…
New single-family starts have trended higher since 2012, reaching a post-pandemic peak of 1,133,145 units in 2021. During 2022 and 2023, elevated housing prices and persistently high mortgage rates have dampened housing market activity. According to NAHB analysis of the 2023 Survey of Construction (SOC),…
Despite high interest rates, job growth accelerated in May, but the unemployment rate increased to 4.0%. Overall, the labor market remains strong, but there are signs of slowing, which signals monetary policy easing in the months ahead. Additionally, wage growth accelerated for the first time…
Despite higher mortgage rates, limited resale inventory and strong growth in demand continued to put upward pressure on house prices. House price appreciation was recorded in all 50 states and the District of Columbia. According to the quarterly all-transactions House Price Index (HPI) released by…
Existing home sales fell for the second straight month in April, after a big monthly drop in March, according to the National Association of Realtors (NAR). Meanwhile, low resale inventory and strong demand continued to drive up existing home prices, marking the tenth consecutive month…
Both overall and core inflation eased slightly in April amid higher costs for gasoline and shelter. On a year-over-year (YOY) basis, the shelter index rose by 5.5% in April, following a 5.7% increase in March. Despite a slowdown in the YOY increase, shelter costs continue…
