Construction jobs boomed in March with 110,000 new additions, one of the largest monthly gains ever. This raises the prospect for more home building and more inventory reaching the market in the upcoming months.
The United States remains the top commercial estate market globally, with 16 metros in the top 30 largest commercial real estate markets on a global scale.
The average rate on the 30-year fixed-rate home loan ticked up to 3.18% from 3.17% last week, following the upward trend of the 10-year Treasury yield.
Millennial buyers (22 to 40 years old) continue to make up the largest share of home buyers at 37%. They've been the largest buyer group since 2014.
The February 2021 NAR SentriLock SentriKey® Home Showings Report shows an increase in nationwide foot traffic on a month-over-month basis.
In February 2021, properties were typically on the market for 20 days, and first-time buyers accounted for 31% of sales.
Home prices continued to power ahead, with the Case-Shiller price index rising 11.2%, the fastest appreciation since 2006.
Job market momentum seems to have picked up as the vaccine is becoming more widely available across the country, with thirty-two states reporting a decrease in new claims for the week ending March 20, 2021.
Although mortgage rates continued to rise this week, expect rates to remain low near 3.3% in 2021.
With demand for homes outpacing new listings, buyer competition continues to intensify.
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