Inflation rose more than expected in May to the fastest pace since 2008. Over the last 12 months, inflation rate rose 5.0%, compared to 4.2% in April and 2.6% in March, respectively.
Housing construction is trending upward. We are currently building 24% more homes than we typically have built in April in the last couple of decades.
The report released in March provided insights differences in why members entered the field, skills important for the field of real estate, and much more.
The job market continues to make progress with 551,000 net new additions in May. Another 7 million jobs are still needed to get us back to pre-pandemic conditions.
The 30-year fixed mortgage rate ticked up to 2.99% from 2.95% the previous week. Expect mortgage rates to increase modestly in the following months as the economy continues to recover, with the 30-year fixed mortgage rate to average 3.20% in 2021.
NAR Chief Economist Lawrence Yun shares his thoughts on what's happening in vacation home sales, with rising inflation, and the high number of recent all-cash home sales in the latest data.
Secondary cities are seeing a modest increase in office occupancy in the first quarter of 2021 because they offer less expensive office rent compared to nearby major markets.
Brandi Snowden, lead author of the report, provides perspectives on how to use the report, insights into the data, and the results she found to be most interesting.
The 30-year fixed rate mortgage fell to 2.95% from 3.00% the previous week, following the trend of the 10-year Treasury yield.
Brandon Hardin talks about the NAR report and provide insights into the data, perspectives on how members can use the report, and the results he found to be most interesting.
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