The U.S. Census Bureau has released a new experimental Monthly State Retail Sales (MSRS) data product that combines monthly retail trade survey data, administrative data, and third-party data that features modeled state-level retail sales.
According to the finance mortgage provider Freddie Mac, the 30-year fixed mortgage rate rose slightly to 2.88% from 2.86% the previous week. NAR forecasts the 30-year fixed mortgage rate to reach 3.5% by mid-2022.
Total housing starts and housing permits made decent gains in August compared to the month prior, but the focus was on multifamily units.
Homeownership is a key pathway to building wealth and narrowing the racial income and wealth inequality gap. Housing wealth (equity) accumulation takes time, and is built up by price appreciation and paying off the mortgage.
Retail sales recorded a seasonally adjusted total of $618.7 billion in August 2021, a 0.7% increase from July.
NAR expects rates to inch higher, reaching 3.5% by mid-2022 as the Fed will likely start reducing its bond purchases before the end of the year and raising interest rates in mid-2022.
Over the last 12 months consumer prices rose 5.3% compared to 5.4% in both July and June 2021.
Total retail sales continued to steadily increase from the beginning of the pandemic through Q2 2021 as sales increased from $1.3 trillion in Q2 2020 to $1.6 trillion in Q2 2021, for a year-over-year growth rate of 28.2%.
National Association of REALTORS® has created the Homebuilders' Local Opportunity Index (HLOI), which measures both short-term and long-term opportunities for homebuilders at the local level, with the purpose of identifying the areas where homebuilders can build more homes with less risk for their business.
At the national level, housing affordability slightly inclined in July 2021 compared to the previous month.
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