The February 2021 NAR SentriLock SentriKey® Home Showings Report shows an increase in nationwide foot traffic on a month-over-month basis.
In February 2021, properties were typically on the market for 20 days, and first-time buyers accounted for 31% of sales.
Home prices continued to power ahead, with the Case-Shiller price index rising 11.2%, the fastest appreciation since 2006.
Job market momentum seems to have picked up as the vaccine is becoming more widely available across the country, with thirty-two states reporting a decrease in new claims for the week ending March 20, 2021.
Although mortgage rates continued to rise this week, expect rates to remain low near 3.3% in 2021.
With demand for homes outpacing new listings, buyer competition continues to intensify.
The Census Bureau reported a 9.5% year-over-year increase in U.S. retail trade sales in February, a deceleration from the very strong holiday quarter and January’s 10.8% year-over-year increase.
A year after the pandemic hit our country, jobless claims remain elevated near 800,000. Although claims are significantly lower than the beginning of the pandemic, nearly 3 times as many people applied to receive unemployment benefits last week compared to pre-pandemic.
The average rate on the 30-year fixed rate home loan ticked up to 3.09% from 3.05% last week. However, a year after the pandemic struck our country, mortgage rates are still hovering into record lows around 3%.
U.S. retail and food services sales, a measure of consumer purchases at stores, restaurants and online, declined in February from the prior month. This is not concerning because it sank from an untypical January high.
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