The employment gap between current conditions and pre-COVID days is narrowing, with only 2.5 million more jobs needed to get there.
As 2020 was one of the best years for the housing market, the U.S. homeownership rate climbed to 65.5%, up 1.3% from 2019. Although the homeownership rate for Black Americans also increased to 43.3%, it is still lower than a decade ago.
Mortgage rates fell sharply this week. Specifically, the 30-year fixed mortgage rate dropped to 3.76% from 3.89% the previous week.
January 2022’s pending home sales pace declined 5.7% last month and fell 9.5% from a year ago.
Office occupancy continued to increase as of February 2022, with 84% of 390 metro areas experiencing an increase in occupancy.
Mortgage rates dropped slightly this week, with the 30-year fixed mortgage rate falling to 3.89% from 3.92% the previous week. However, due to expectations of even higher inflation, mortgage rates will continue their upward trek.
Housing market activity in January 2022 increased 6.5% from December 2021, reaching a 6.65 million seasonally adjusted annual rate. January's sales of existing homes declined 2.3 % from January 2021.
While the primary markets make up a larger share of metros within the top five for retail leasing since Q2 2020, it was actually a metro in the secondary markets that led all.
Rapidly rising inflation and expectations that the Fed will raise short-term interest rates as soon as next month are pushing up mortgage rates.
On the back of an historic holiday shopping season and historic retail sales across all of 2021, U.S. advanced estimates of retail and food service sales for January 2022 rebounded from the -2.5% slide in December 2021.
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