Mortgage rates remained relatively flat this week, despite rising concerns of the omicron COVID variant, rising slightly to 3.11% from 3.10% the previous week. These low mortgage rates continue to offer favorable conditions to homebuyers and homeowners who want to refinance.
This data visualization shows year-over-year percent change in retail sales by month, retail type, and state for the period January 2019 to August 2021.
Housing market activity in October fell 0.8% from September 2021, with existing-home sales reaching a 6.34 million seasonally adjusted annual rate.
After office occupancy rose by 6 million square feet during 2021 Q3, occupancy fell anew by 2 million square feet as of November compared to 2021 Q3 bringing the total loss in office occupancy to 133 million square feet since 2020 Q2.
First-time buyers continue to struggle to compete with cash and non-primary residence buyers, according to the October 2021 REALTORS® Confidence Index report.
In October 2021, both consumer confidence and retail sales increased, with consumers indicating they intend to purchase housing, vehicles, and appliances.
Mortgage rates rose significantly this week, due to inflation that was higher than expected, with the 30-year fixed mortgage rate moving up to 3.10% from 2.98% the previous week.
Apartment demand is soaring and office vacancy rates have spiked, which has prompted conversion of vacant office buildings into housing, particularly multifamily rental housing or owner-occupied condominiums.
At the national level, housing affordability was flat in September compared to the previous month, with the monthly mortgage payment falling by 0.7% while the median family income fell modestly by 0.6%.
Retail sales recorded a seasonally adjusted total of $638.2 billion in October, a 1.7% increase from September.
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