Real GDP increased at an annual rate of 2.1% in Q2, according to the Bureau of Economic Analysis’ “second” estimate. This follows a real GDP increase of 2.0% in Q1.
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ADP® Reports Increased Private Sector Employment and Compensation Gains in August
Nonfarm private sector employment increased by 177,000 jobs in August and annual pay was up 5.9% year-over-year, according to the ADP® National Employment Report™.
FHFA Reports US House Prices Increased 3.0% Between 2022Q2 and 2023Q2
The Federal Housing Finance Agency’s (FHFA) House Price Index increased 3.0% between 2022Q2 and 2023Q2. Prices were up 1.7% compared to 2023Q1.
S&P CoreLogic Case-Shiller US Home Price Index Posts Month-Over-Month Gain in June
The S&P CoreLogic Case-Shiller US National Home Price NSA Index shows all 20 major metro markets reported month-over-month increases in June.
The Conference Board’s US Consumer Confidence Index Retreats in August
The Conference Board’s Consumer Confidence Index® declined in August to a reading of 106.1 (1985=100), down from a revised (lower) July reading of 114.0.
Job Openings and Labor Turnover Summary for July
As of the last business day in July, the number of job openings declined 338,000 to 8.8 million while the rate declined to 5.3% from 5.8%.
Wood-Framed Homes Continue to Dominate the US Marketplace for Third Straight Year
Wood framing remained the most dominate construction method for single-family homes in the US in 2022, according to the US Census Bureau and NAHB.
Pending Home Sales Creep Higher in July but Still Remain Close to Recent Record Lows
In July, pending home sales rose 0.7% month-over-month on a seasonally adjusted basis to the highest level since the start of 2023, Redfin reported.
Interest Rates on Acquisition, Development, and Construction Financing Climbed Higher in Q2
The National Association of Home Builders’ Survey on Acquisition, Development & Construction (AD&C) Financing shows interest rates on loans for AD&C continued to rise in Q2.
US Home Affordability at Worst Level Since 1984
Buying a house in the US requires a significantly larger portion of a homebuyer’s income, making this the most unaffordable housing market since 1984, by one measure, CNN Business reported.