Eye On Housing
Author Archives
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Significant Loss Began to be Reported in March Jobs Report
Total payroll employment fell by 701,000 in March and the unemployment rate rose to 4.4%. The March loss reflected the impact of the COVID-19 outbreak. Residential construction employment decreased by 4,300 in March, after a revised increase of 24,100 in February. Total construction industry (both residential and nonresidential) employment totaled about 7.6 million in March. The Bureau of Labor Statistics… Read More ›
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Home Price Appreciation Accelerated in January
National home prices continued to increase over the first month of 2020, prior to coronavirus outbreak. Price growth will certainly decline as future months’ data is recorded. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 6.2% in January, faster than a 5.3% increase in… Read More ›
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Jobless Claims Soar Amid the COVID-19 Outbreak
The U.S. Department of Labor released Unemployment Insurance Weekly Claims Report this morning. Surprising but expected, the weekly initial claims on unemployment insurance surged in the week ending March 21 due to the impact of the COVID-19 crisis. In the week ending March 21, the number of people who applied for unemployment benefits, known as jobless claims, soared to a… Read More ›
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Energy Prices Fall in February
In February, headline inflation and core inflation remained unchanged from the previous month. The Consumer Price Index (CPI), released by the Bureau of Labor Statistics (BLS), rose by 0.1% in February on a seasonally adjusted basis, the same increase as in January. Excluding the volatile food and energy components, the “core” CPI increased by 0.2% in February, the same increase… Read More ›
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Exceptional Job Gains for February
The U.S. job market remained strong in February. Total payroll employment increased by 273,000 and the unemployment rate was 3.5% for the month. Residential construction employment increased by 21,900 in February, after a revised increase of 22,400 in January. Total construction industry (both residential and nonresidential) employment totaled about 7.6 million in February. The Bureau of Labor Statistics released the… Read More ›
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New Home Sales Surge to Start 2020
Contracts for new, single-family home sales increased 7.9% in January to a 764,000 seasonally adjusted annual rate according to estimates from the joint release of HUD and the Census Bureau. The increase came off an upwardly revised December estimate, which was revised from an initial reading of 694,000 to a new estimate of 708,000. Year-over-year, the January estimate is 18.6%… Read More ›
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Home Price Appreciation Continues in December
National home prices continued to increase in December 2019. Nineteen metro areas had positive home price appreciation while Cleveland saw home price decline in December. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, released by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 5.7% in December, following a 5.8% increase in November. On a… Read More ›
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Decline in Energy Prices in January
In January, core inflation increased, while headline inflation slipped as energy prices declined. The Consumer Price Index (CPI), released by the Bureau of Labor Statistics (BLS), rose by 0.1% in January on a seasonally adjusted basis, following a 0.2% increase in December. Excluding the volatile food and energy components, the “core” CPI increased by 0.2% in January, after rising 0.1%… Read More ›
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A Strong Start for 2020
The labor market started the new year with a solid gain. Total payroll employment increased by 225,000 and the unemployment rate was 3.6% in January. Residential construction employment increased by 20,200 in January, the largest gain in the past twelve months. Total construction industry (both residential and nonresidential) employment totaled about 7.6 million in January. The Bureau of Labor Statistics… Read More ›
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US Economic Growth Slows to 2.3% in 2019
According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) expanded at an annual rate of 2.1% in the fourth quarter of 2019, the same increase as in the third quarter. This marks the 23rd consecutive quarter of growth. For the full year, real GDP increased 2.3% in 2019, down from a… Read More ›