The retail market is no longer recovering and is now surging as U.S. retail and food service sales ramped up in July.
The July figures show strong employment growth, but the gains are not yet at a level that fully recovers the lost jobs. Jobs are coming back in the Northeast states, but they have the most lost ground to recover still.
A drop in claims for unemployment checks implies that even with new layoffs there are job creations and people are able to come off unemployment.
July’s pending home sales pace increased 5.9% last month and rose 15.5% from a year ago.
NAR released a summary of existing-home sales data showing that housing market activity this July soared 24.7% from June 2020, an all-time high for month-over-month growth.
Mortgage rates dropped this week to average 2.91%, from 2.99% the prior week.
Several indicators point to the quick recovery of the housing market from the pandemic slump during April and May, with home sales on an annualized rate in July now above the February level.
Home showings in July 2020 showed a strong rebound from the level in May, according to data from SentriLock®, LLC, a lockbox company.
Mortgage rates moved up slightly this week to an average 2.99% from 2.96% the prior week. However, the 30-year fixed-rate mortgage is still hovering at near-record lows.
New construction for both single-family and multifamily units ramped up sizably in July, up 23% from one year ago, and almost matching pre-pandemic activity in the first quarter. Such growth is needed to steadily relieve the housing shortage. This kind of growth is also a major contributor to local economic recovery.
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