U.S. advance estimates of retail and food service sales for April 2021 essentially remained unchanged from March 2021. Consumer retail spending recorded a seasonally adjusted total of $619.9 billion in April.
NAR did a research study on the conversion of vacant hotels/motels into multifamily housing to draw some insights and best practices.
Mortgage rates dropped further this week although the 10-year Treasury yield rose in response to higher inflation. Specifically, the 30-year fixed rate mortgage fell to 2.94% from 2.96% the previous week.
The year started off with strong home price growth for the first quarter of 2021. Prices continued to rise, with 89% of the markets showing double-digit home price appreciation.
Inflation rose more than expected in April to the fastest pace since 2008. Over the last 12 months, inflation rate rose 4.2%, compared to 2.6% in March and 1.7% in February, respectively.
At the national level, housing affordability increased in March compared to a year ago, but declined compared to a month ago.
Mortgage rates have been increasing due to rising inflation, and home prices have been appreciating strongly with not enough homes on the market.
The Commercial Market Insights report provides in-depth analysis and market insights across CRE markets and current economic conditions.
Job gains continued, albeit a bit lightly, in the latest month. The 266,000 additions in April bring us to 1.8 million net new jobs in 2021.
Mortgage rates dropped this week to 2.96% from 2.98% the previous week, following the trend of the 10-year Treasury yield. NAR forecasts mortgage rates to average 3.2% in 2021.
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