For the month of January, First American found that real house prices increased by 26.8% year-over-year or 6.3% from December 2021. This represents the highest annual growth rate seen since 2004. It also found that the average house-buying power is $458,317, down from $477,343 the previous month.
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Mortgage Applications Decline for Third Consecutive Week in the Week Ending March 25, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending March 25, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -6.8% on a seasonally adjusted basis from one week earlier.
Bureau of Economic Analysis Reports Real GDP in Q4 2021 Increased at an Annual Rate of 6.9% In Its “Third and Final Estimate”
The Bureau of Economic Analysis (BEA) released today (3-30-21) its “third” estimate of real gross domestic product (GDP) for Q4 2021. According to the BEA, in Q4 2021 the GDP increased at an annual rate of 6.9%. For all of 2021, real GDP increased 5.7%, unrevised from the second estimate, in contrast to a decrease of -3.4% in 2020.
ADP Reports Private Sector Employment Continued to Grow in March 2022
According to the March ADP® National Employment Report™ released today (3-30-22), nonfarm private sector employment increased by 455,000 jobs from February to March. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
FHFA Home Price Index Up 1.6% Month-Over-Month and 18.2% Year-Over-Year in January 2022
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), released today (3-29-22), U.S. house prices increased month-over-month 1.6% in January. House prices increased 18.2% from January 2021 to January 2022. The 12-month changes ranged from 13.3% in the Middle Atlantic division to 23.1% in the Mountain division.
Unfilled Construction Job Openings Continued to Hold Steady in February
A closer look at the Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Summary (JOLTS) for February reveals that the number of open construction positions continues to hold steady at 381,000 unfilled jobs. From a historical standpoint, the largest number of unfilled positions was 416,000 set in April 2019.
U.S. Home Prices Post 19.2% Year-Over-Year Gain in January 2022
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported today (3-29-22) that home prices experienced a 19.2% annual gain in January (following a 18.9% annual gain in December, the same as in November, but down from a 19.0% annual gain in October).
The Conference Board Reports its Consumer Confidence Index® Improved in March
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (3-29-22) their Consumer Confidence Index® (CCI) for March 2022. The CCI increased slightly in March, after declining in both February and January. The Index now stands at 107.2 (1985=100), up from 105.7 in February.
Job Openings and Labor Turnover Summary Released for February 2022
On Tuesday (3-29-22), the U.S. Bureau of Labor Statistics (BLS) reported the Job Openings and Labor Turnover Summary (JOLTS) for February 2022. According to the JOLTS report, as of the last day in February, the number of job openings were at 11.3 million or a rate of 7.0%. These are only minor changes from the January report.
Canadian Consumer Confidence Slips to Its Lowest Level in Over a Year
According to the Bloomberg Nanos Canadian Confidence Index released today (3-28-22), Canadian consumer sentiment tumbled to a reading of 56.3 last week, which is its lowest level in more than a year. Russia’s invasion of Ukraine and surging inflation cloud the economic outlook, weekly polling data suggest.