The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (10-26-21) their Consumer Confidence Index® (CCI) for October 2021. The CCI increased in October, following decreases in August July and June. The Index now stands at 113.8 (1985=100), up from 109.8 in September.
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S&P CoreLogic Case-Shiller National Home Price Index Jumps 19.8% Year-Over-Year in August
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 (10-26-21) that home prices experienced a 19.8% annual gain in August 2021, unchanged from July. The 10-City Composite annual increase came in at 18.6% down from 19.1% in the previous month.
Federal Housing Finance Agency Reports U.S. Home Prices Increase 1.0% Month-Over-Month and 18.5% Year-Over-Year in August 2021
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), U.S. house prices increased month-over-month 1.0% in August. House prices increased 18.5% from August 2020 to August 2021. The previously reported 1.4% price change for July 2021 remained unchanged.
Remodeling Growth Forecasted to Continue Deep into 2022
The Remodeling Futures Program at The Joint Center for Housing Studies at Harvard University released on Thursday (10-21-21) their Leading Indicator of Remodeling Activity (LIRA) Report. According to the LIRA, strong growth in home improvement and maintenance expenditures is expected to continue over the coming year.
September Construction Job Openings and Labor Turnover Report Released, Including State-By-State Breakdown
A closer look at the September 2021 Job Openings and Labor Turnover (JOLTS) report by state reveals that across the 48 states which reported construction sector jobs data — which includes both residential as well as non-residential construction — 30 states reported an increase in September compared to August, while 16 states lost construction sector jobs.
Desire for Home Ownership Moderated Slightly in Q3 2021 but still Remains Strong
At the onset of the COVID-19 pandemic in Q1 of 2020, the share of adults planning a home purchase hit a low of 10%. However, over the next five consecutive quarters that number increased and peaked at 17% in Q2 of 2021. Home purchasing desire cooled in Q3 of 2021, with share falling to 16%.
Homes are Selling Faster Pace This Fall Compared to End of Summer
Redfin, the Seattle-based technology powered real estate brokerage firm, released today (10-22-21) their new analysis of home sales data. Redfin is comparing today’s market with the pre-pandemic fall market of 2019 to highlight how hot the market remains, even as most measures are settling into typical seasonal patterns.
Home Builders Report Availability of Developed Lots as Low to Very Low
The NAHB/Wells Fargo Housing Market Index (HMI) had a special question included in their September 2021 survey. The question asked builders about the availability of developed lots in their areas. The response indicates that home builders are facing supply side challenges similar to other U.S. industries — the shortage of labor and materials.
Existing Home Sales Jump 7.0% in September
The National Association of Realtors® (NAR) reported today (10-21-21) that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums, and co-ops — increased 7.0% from August to a seasonally adjusted rate at 6.29 million homes in September. Year-over-year, however, sales are down -2.3% (6.44 million September 2020).
Leading Economic Index® for U.S. Modestly Higher in September
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (10-21-21) the Leading Economic Index® (LEI) for the U.S. in September. According to the report, the LEI for the U.S. increased by 0.2% in September to 117.5 (2016 = 100). This follows a 0.8% increase in August and a 0.9% increase in July.