As rising mortgage rates and higher home prices weighed on housing affordability, existing home sales declined for five consecutive months, according to the National Association of Realtors (NAR). The trend in home price appreciation continued albeit at a slower rate as supply finally showed sign of improvement. The median existing home prices in June continued…
Consumer prices reached a new 40-year high in June as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the fourth straight month for inflation above an 8% rate and was the largest year-over-year gain since November 1981. Both energy and shelter index recorded their largest annual gains…
Information obtained from the US Census Bureau’s Survey of Construction (SOC) and tabulated by NAHB, shows that the rising trend of single-story homes reversed in 2021. The share of single-story homes decreased in 2021 and the share of two or more stories homes started was greater than one story homes. This is in line with…
Consumer confidence dropped again in June as inflation stayed at decades high and continued to temper consumers’ economic outlook, which tumbled to the lowest level in nearly a decade. Though spending intentions for homes, cars, and major appliances held relatively steady, consumer spending will continue to face headwinds from further inflation and rate hikes. The…
As rising mortgage rates and higher home prices continued to price out homebuyers, existing home sales declined for four consecutive months, according to the National Association of Realtors (NAR). However, the trend in home price appreciation continued as supply remained tight. The median existing home prices in May surpassed $400,000, the highest level on record…
Consumer prices accelerated again in May as shelter, energy and food prices continued to surge at the fastest pace in decades. This marked the third straight month for inflation above an 8% rate and was the largest year-over-year gain since December 1981. Both energy and shelter index recorded their largest annual gains since September 2005…
