Compared to the peak employment prior to the pandemic, there are 3 million fewer Americans working.
In the first week of 2021, the 30-year fixed mortgage rate was 2.65%. In the first week of 2022, the 30-year fixed mortgage rate jumped to 3.22%, nearly 60 basis points higher than a year earlier.
The U.S. Census Bureau's Monthly State Retail Sales (MSRS) data product combines monthly retail trade survey data, administrative data, and third-party data that features modeled state-level retail sales.
Many first-time buyers continue to struggle to move into homeownership amid sustained price growth and competition from all-cash buyers.
NAR expects the demand for commercial real estate to strengthen in 2022 given the strong underlying demand fundamentals in the core property markets.
Consumers spent heavily on transportation, travel, and recreation—all indicators that point to consumers getting out of their homes either for leisure or for work even as delta variant cases started to rise in July.
Net absorption of retail space during the Q3 totaled 30.2 million square feet (msf) and was the highest level since the fourth quarter of 2017.
Mortgage rates slightly rose this week after the Fed announced a taper acceleration and three rate hikes to follow in 2022.
In 2021, single-family existing-home prices rose at the fastest pace in five decades at an average year-over-year pace of 18%, driven by strong job growth, historically low mortgage rates, a post-pandemic recovery in household formation, and inadequate housing construction and pandemic-induced supply bottlenecks.
At the national level, housing affordability fell in October compared to the previous month, with monthly mortgage payment up by 3.1% and median family income up by 0.7%.
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