Compared to the fourth quarter of 2023, the U.S. economy grew at a noticeably slower pace in the first quarter of 2024 due to an increase in the trade deficit and weaker inventory investment. But it was still on solid ground supported by consumers, the government, and the housing industry. Meanwhile, the data from the…
Residential building workers’ wage growth accelerated to 6.2% in February. After a 0.3% increase in June 2023, the year-over-year (YOY) growth rate for residential building worker wages have been trending up over the past eight months. The recent acceleration in wage growth was mainly due to the ongoing skilled labor shortage in the construction labor…
Job growth accelerated in March, following a strong gain in February. Furthermore, the unemployment rate fell to 3.8%. March’s jobs report shows that the labor market remains resilient despite elevated interest rates. The strong job numbers likely reduce prospects for a Federal Reserve rate cut in the near-term (NAHB has just two rate cuts in…
As examined in a previous post, homeownership plays an integral role in a household’s accumulation of wealth. This article further discusses the role of homeownership and examines the difference between homeowner and renter household balance sheets across assets, debt, and net worth. Households who own a primary residence (homeowners) build primary residence equity, while renters…
In February, job gains continued despite elevated interest rates. The unemployment rate increased while the labor force participation rate held steady. February’s jobs report shows that the labor market remains resilient but shows signs of slowing. Additionally, wage growth slowed slightly in February. On a year-over-year basis (YOY), wages grew 4.3% in February, following a…
National home prices continued to increase, hitting a new all-time high in December. Despite high mortgage rates, limited inventory and strong demand continued to push up home prices. Locally, six of 20 metro areas, experienced negative home price appreciation in December. The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI), reported by S&P Dow…
Homeownership provides a wide range of benefits to households. In addition to providing households with a stable place to live, homeownership also offers an opportunity for households to accumulate assets and build wealth over time through equity. As of 2022, 66.1% of U.S. households owned their homes. For families that owned a home, the median…
