Author: Brad Beckett

A new report from the Federal Reserve Bank of Dallas says illegal immigration drove up housing costs.  Specifically, from 2021 to early 2024, the U.S. saw a historic surge in unauthorized immigration that slowed sharply by mid-2024. Using newly available administrative data, researchers examined how these immigration flows affected local labor and housing markets. They found unauthorized immigrant workers increased employment almost one-for-one without significantly lowering local wages. However, the added population increased demand for housing, driving up home prices and rents while housing supply remained largely unchanged. The study also found lower labor income per capita, reflecting changes in…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices dropped 0.1% in April, 2026 and were up 2% year-over-year.  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.

The National Association of Realtors is reporting that existing home sales dropped 2.4% in June, 2026 to a seasonally-adjusted annual rate of 4.09 million.  Total housing inventory at the end of June was 1.56 million units, down 0.6% from May and up 1.3% from one year ago.  Unsold inventory sits at a 4.6-month supply at the current sales rate.  The median existing-home price for all housing types in June was $440,600 – the 36th consecutive month of year-over-year price increases. “The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are…

The U.S. government is reporting that total construction spending in May, 2026 was at a seasonally adjusted annual rate of $2,210.2 billion, up 0.1% from April’s revised number.  In addition, May’s estimate is 1.5% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $930.2 billion in May, which is 0.3% higher than April’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

What is the median household income by city across the country?  Today’s graphic from the Visual Capitalist ranks America’s 50 most populous metros by median household income.  The national median household income is $85,828, however San Jose CA tops the list at nearly $176k per year with New Orleans at the bottom with $65k.  Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

The latest S&P Cotality Case-Shiller U.S. National Home Price NSA Index has reported a 0.8% annual increase for April, 2026.  Their 10-City Composite posted 1.1% increase year-over-year and their 20-City Composite posted a 1% year-over-year increase.  They say for the 11th consecutive month, U.S. home values fell in real terms, as April’s 3.8% inflation ran roughly 3 percentage points above the 0.8% home price gain. “April’s figures confirm that U.S. home prices remain essentially flat, with the S&P Cotality Case-Shiller National Home Price Index up a scant 0.8% year over year, just above March’s 0.7% pace…With inflation accelerating to 3.8%…

According to Yardi’s Multifamily Outlook for Summer 2026; Multifamily rent growth is expected to remain weak through the rest of 2026 due to economic uncertainty, geopolitical tensions, weak consumer sentiment, slow population growth, and an oversupply of roughly 1.3 million lease-up units. Demand is positive but not strong enough to absorb supply, leading to uneven rent performance across markets. While capital remains available, deal activity is slow. Investors are advised to focus on niche segments and improving operational efficiency. The U.S. economy is growing moderately, being pulled in different directions by global events and rapid changes in technology. Inflation is…

According to Apartment List’s National Rent Report for July, 2026, national median rent increased 0.4% in June to $1,385 – marking the 5th consecutive monthly increase.  In addition, rent prices nationally are down 1.2% compared to one year ago and the national multifamily vacancy rate currently is 7.2% – decreasing for the first time in over four years. Click here to read the full report at Apartment List.

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 57k jobs in June, 2026.  June’s unemployment rate came in at 4.2%, with 7.1 million people unemployed.  The BLS said Job gains occurred in professional & business services, social assistance, and health care while leisure and hospitality lost jobs. Click here to read the full report at the Bureau of Labor Statistics.

The U.S. Bureau of Economic Analysis is reporting that personal income increased $181.6 billion (0.7% at a monthly rate) in May.  Disposable personal income (DPI – personal income less personal current taxes) decreased $164.9 billion (0.7%), and personal consumption expenditures (PCE) increased $156.1 billion (0.7%).  Personal saving was $704.2billion in May, and the personal saving rate (personal saving as a percentage of DPI)  was 3%. Click here to read the full report at the Bureau of Economic Analysis.