According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 303k, in March 2024 and the unemployment rate dropped to 3.8% in March (up 0.1 percentage points). Interestingly, employment in the government sector continued to rise with the BLS saying it increased by 71k, higher than the average monthly gain of 54k over the prior 12 months. Click here to read the full report at the Bureau of Labor Statistics.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 5.5% in February 2024. CoreLogic says annual home price growth is projected to drop to 3.1% by February, 2025. In addition, they say U.S. annual home price growth remained mostly consistent with numbers seen since last fall in February but finally slowed as the residual impact of comparing gains with weak 2022 home prices wore off. “Home price growth pivoted in February, as the impact of the January 2023 Home Price Index bottom finally faded…As a result, the U.S.…
The U.S. government is reporting that total construction spending in February, 2024 was at a seasonally adjusted annual rate of $2,091.5 billion, which is 0.3% lower than January’s number. However, February’s revised estimate is 10.7% higher than one year ago. Residential construction came in at a seasonally adjusted annual rate of $901.1 billion in February, which is 0.7% higher than January’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
A recent report from the U.S. Census Bureau highlights how several metro areas in the South continue to see large gains in population. In fact, they say Florida alone was home to four of the nation’s top five fastest-growing MSAs and three of the top 10 that gained the largest number of people from 2022 to 2023 – reflecting continued population growth across the entire South. Not to be outdone, Texas was home to four of the 10 metro areas that added the largest number of people. “U.S. migration patterns played a significant role in the South’s population growth. Many…
We try to stay on top of inflation news as it happens. Today’s graphic from Statista reminds us that inflation edged up slightly in February, with rising housing costs putting upward pressure on the Consumer Price Index. Interestingly, due to its weight in the CPI, the cost of shelter continues to be a major driver of inflation – with the index for shelter climbing for the 46th consecutive month. Indeed….Stay safe and have a Happy Friday! Hat tip to Statista.
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices rose 6.3% between January, 2023 and January, 2024. In addition, FHFA’s seasonally adjusted monthly index for January was up 0.1% from December. The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. Click here to read the full report at the FHFA.
What are the most expensive places for property taxes? A recent report from CoreLogic says the average property taxes paid by homeowners vary from $694 per year in West Virginia to $8,498 in New Jersey. However, they also point out that In West Virginia the median home price in 2023 was $154,500 and New Jersey’s median price was $439,000. “…states calculate property taxes differently by municipalities, as home prices and rates can vary greatly locally. In West Virginia, for example, average annual property taxes range from about $210 in McDowell and Webster counties to about $1,856 in Jefferson County. Similarly,…
Rental information site Zumper recently released their latest monthly National Rent Report for March, 2024. According to their data, median rent for 1-bedroom apartments was $1,487 (up 0.3%) and $1,847 (up .05%) for two-bedrooms. Be sure to check out their list of the top 100 metro areas. Click here to read the full report at Zumper.
The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6% annual increase for January, 2024. Their 10-City Composite increased 7.4% and their 20-City Composite increased 6.6%, year-over-year. “U.S. home prices continued their drive higher…Our National Composite rose by 6% in January, the fastest annual rate since 2022.” Said Brian D. Luke, Head of Commodities, Real & Digital assets at S&P DJI. Click here to read the full report at S&P Dow Jones Indices.
The U.S. Government is reporting that sales of new single-family houses in February, 2024 were at a seasonally adjusted annual rate of 662k, which is 0.3% lower than January’s revised rate but is 5.9% higher than one year ago. The median sales price of new houses sold in February was $400,500 with an average sales price of $534,300. There were an estimated 463k new houses for sale at the end of February representing a 8.4-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.
