Amid an improving economy, the commercial real estate market continues to recover, marked by rising occupancy across all commercial property markets, according to the October Commercial Market Insights Report.
After a pandemic bounce-back in the first and second quarters, the economic expansion (gross domestic product) moderated to 2% in the third quarter.
U.S. industrial space completed Q3 2021 on a high note as old records were broken, and with demand outpacing supply for the fourth consecutive quarter.
Mortgage rates continued to move up amid rising consumer confidence and elevated inflation. According to Freddie Mac, the 30-year fixed mortgage rate inched up to 3.14% from 3.09% the previous week.
The U.S. Census Bureau has released a new experimental Monthly State Retail Sales (MSRS) data product that combines monthly retail trade survey data, administrative data, and third-party data that features modeled state-level retail sales.
The market is cooling due to both market fundamentals as well as the seasonal decline in market activity that normally comes with fall.
Apartment demand will likely remain robust and rent growth remain elevated in 2022, given the current rates of absorption, rising mortgage rates in 2022, and the lower level of construction activity relative to current demand.
Housing market activity in September inclined 7.0% from August 2021, with existing-home sales reaching a 6.29 million seasonally adjusted annual rate.
The 30-year fixed mortgage rate rose to 3.09% from 3.05% the previous week, and rates went up by 10 basis points (0.10%) in the past two weeks.
Based on increased home construction and the ending of the mortgage forbearance program, more inventory will appear next year compared to this year.
Search Economists' Outlook