According to the latest Federal Housing Finance Agency (FHFA) House Price Index, nationwide US home prices rose 17.7% from Q2 2021 to Q2 2022. House prices were up 4.0% when compared to Q1 2022. The FHFA’s seasonally adjusted monthly index for June 2022 was up 0.1% from May 2022.
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The Conference Board’s Consumer Confidence Index Moves Higher in August
The Conference Board released today their Consumer Confidence Index® (CCI) for August 2022. After three consecutive months of declines, the CCI increased in August. The Index now stands at 103.2 (1985=100), up from its July reading of 95.3.
Job Openings and Labor Turnover Summary Released for July 2022
On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for July 2022. According to the JOLTS report, as of the last day in July, the number and rate of job openings was little changed at 11.2 million and 6.9 percent, respectively.
Apartment Construction in US at Highest Level in Five Decades
According to RentCafe, by the end of 2022 there is expected to be 420,000 or more new apartments built in the US. This will mark the first time since 1972 that apartment deliveries have exceeded 400,000 units.
New Listings of Homes For Sale Dropped 15% Year-Over-Year in 4-Week Period Ending August 21, 2022
Redfin reported on Thursday that in the four-week period ending August 21st, new listings of homes fell 15% year-over-year. This marks the largest annual decline since the start of the COVID-19 pandemic.
Inflation Continues to Impact Personal Income and Outlays in July
Personal income increased $47.0 billion, or 0.2%, in July. Disposable personal income increased $37.6 billion, or 0.2%, in July. Personal consumption expenditures increased $23.7 billion, or 0.1%, in July.
University of Michigan Final Consumer Sentiment Index Rises for August 2022
The University of Michigan’s Index of Consumer Sentiment increased to a reading of 58.2 in August, up from its reading of 51.5 in July. This is a month-over-month increase of 13.0% but down 17.2% year-over-year (70.3 in August 2021).
BEA Reports Real GDP in Q2 2022 Decreased at an Annual Rate of 0.6% In Its “Second Estimate”
The Bureau of Economic Analysis released today its “second estimate” for Q2 2022 real GDP. According to the report, GDP decreased at an annual rate of 0.6% in Q2 2022. The decline follows -1.6% in Q1 2022.
Mortgage Payments Declined for Second Consecutive Month in July
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, homebuyer affordability improved for the second consecutive month in July, with the national median payment applied for by applicants down to $1,844 from $1,893 in June.
Rent Prices Increased for Fifth Consecutive Quarter in Q1 2022
According to data provided by the US Census Bureau’s Survey of Market Absorption of Apartments, the multifamily sector continued to experience growth in Q1 2022. The growth is due to ongoing strong demand and low vacancy rates.