Mortgage rates dropped further this week, from 2.96% to 2.93%, although the Fed revised upward their forecast about inflation.
Retail sales recorded a seasonally-adjusted total of $620.2 billion in June, a 1.3% decrease. While retail sales in May realized a month-over-month loss, sales remain near the record high.
Housing starts picked up in May. The trend since the onset of the pandemic has been notably higher single-family homebuilding and subdued multifamily construction. That tilt is a proper response, given the limited single-family home inventory and what had been a decelerating deceleration in apartment rent growth.
In 2020, vacation home sales rose by 16.4%, outpacing the 5.6% growth in total existing-home sales.
Lisa Herceg, lead author of the report, provides perspectives on how to use the report, insights into the data, and the results she found to be most interesting.
The eviction moratorium is slated to expire on June 30, 2021, but many renters are still struggling to pay rent, and need rental assistance of at least $3.4 billion to avoid potential eviction.
Mortgage rates dropped this week to 2.96% from 2.99% the previous week, following the trend of the 10-year Treasury yield. NAR forecasts mortgage rates to average 3.2% in 2021.
Inflation rose more than expected in May to the fastest pace since 2008. Over the last 12 months, inflation rate rose 5.0%, compared to 4.2% in April and 2.6% in March, respectively.
Housing construction is trending upward. We are currently building 24% more homes than we typically have built in April in the last couple of decades.
The report released in March provided insights differences in why members entered the field, skills important for the field of real estate, and much more.
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