Eye On Housing
Author Archives
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Home Price Appreciation Continues in December
National home prices grew at an unsustainable pace in December, supported by strong demand and record-low inventory. Home price appreciation is expected to slow in the coming quarters as rising mortgage rates price some homebuyers out of the market. 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… Read More ›
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Strong Job Gains in January
Despite the omicron surge, the U.S. job market experienced solid gains. Total nonfarm payroll employment increased by 467,000 in January, and the unemployment rate ticked up slightly to 4.0%. Additionally, job gains in December and November were much stronger than initially estimated, according to revisions of the establishment survey data. Construction industry employment (both residential and non-residential) totaled 7.5 million,… Read More ›
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Inventories Boost Fourth Quarter GDP Growth
Real GDP growth accelerated in the fourth quarter of 2021 despite omicron’s spread. This quarter’s growth reflected strong gains in private inventory investment and consumer spending. According to the “advance” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 6.9% in the fourth quarter of 2021, after a disappointing 2.3%… Read More ›
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Residential Building Worker Wages Grow Rapidly
Average hourly earnings for residential building workers have been growing fast recently, driven by the tightening construction labor market. Last Friday, the Bureau of Labor Statistics (BLS) reported that the unemployment rate declined to 3.9% in December, the lowest rate since the pandemic. As the labor market remains tight, wages have increased rapidly, particularly in residential building sector. According to… Read More ›
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Job Gains Slow in December
Job gains slowed sharply for the second straight month in December as the Omicron variant began to spread. Nonfarm payrolls increased by 199,000 in December, and the unemployment rate fell to 3.9%. Construction industry employment (both residential and non-residential) totaled 7.6 million, with 22,000 construction jobs added in December. Residential construction lost 4,100 jobs while non-residential construction employment rose by… Read More ›
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Inflation Surges in November
In November, consumer prices increased by 6.8% from a year ago. It marks the largest year-over-year gain since June 1982. Supply-chain constraints and strong consumer demand related to the pandemic and the reopening of the economy have contributed to recent price increases in some sectors. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by… Read More ›
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Job Gains Decelerate in November
While job gains decelerated in November, the unemployment rate dropped to 4.2% and the labor force participation rate increased to 61.8%, the highest reading since March 2020. The increase in the labor force participation rate indicates that more people are returning to the labor force, a necessary requirement for additional hiring. Construction industry employment (both residential and non-residential) totaled 7.5… Read More ›
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Home Price Appreciation Decelerates in September
In September, national home prices grew at a slower but still unsustainable pace. Locally, 14 out of 20 metro areas reported that they realized a deceleration in home price growth in September. This month’s data indicates that housing market is cooling slightly as housing affordability concerns persist. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow… Read More ›
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Consumer Prices Post the Largest Gain in Three Decades
Compared to a year ago, on a not seasonally adjusted basis, consumer prices increased by 6.2% in October, the largest year-over-year gain since December 1990. Supply-chain constraints and strong consumer demand as the economy reopened have contributed to recent price increases. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.9% in October on… Read More ›
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Job Gains Accelerate in October
Job gains picked up in October after two consecutive months of a slowdown. Total payroll employment rose by 531,000 and the unemployment rate dropped to 4.6% in October. Construction industry employment (both residential and non-residential) totaled 7.5 million, with 44,000 construction jobs added in October. Both residential construction (+10,900) and non-residential construction (+33,000) had job gains for the month. Residential… Read More ›