The 20 million jobs lost during the early months of the COVID-19 lockdown have been fully recovered, with more Americans working today than at any time in history.
The third quarter of 2022 saw multifamily vacancy rates increase across the board for most metro areas compared to last year.
Brandi Snowden, NAR Director of Member and Consumer Survey Research, talks about this year's Member Profile report findings and the most important takeaways.
As life is slowly returning to normal and more people commute back to the office, office vacancy rates are starting to decrease, albeit some are returning to lower levels than others.
Mortgage rates slightly rose to 5.54%, and will continue to increase next week, as the Fed will likely raise interest rates by a full percentage point.
Homebuilders have become extremely cautious about the prospect of single-family home sales, while multifamily activity remains robust.
With the potential of a more aggressive rate hike from the Federal Reserve at the end of the month, mortgage rates will likely rise even further.
Consumer price inflation is the highest in over 40-years and showed no sign of slowing down in June. It rose by 9.1% and is accelerating.
Compared to one year ago, affordability fell in May as the monthly mortgage payment climbed 51% and median family income rose by 4.5%.
Mortgage rates will be higher next week as the job market continues to expand.
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