At the national level, housing affordability increased in March compared to a year ago, but declined compared to a month ago.
Mortgage rates have been increasing due to rising inflation, and home prices have been appreciating strongly with not enough homes on the market.
The Commercial Market Insights report provides in-depth analysis and market insights across CRE markets and current economic conditions.
Job gains continued, albeit a bit lightly, in the latest month. The 266,000 additions in April bring us to 1.8 million net new jobs in 2021.
Mortgage rates dropped this week to 2.96% from 2.98% the previous week, following the trend of the 10-year Treasury yield. NAR forecasts mortgage rates to average 3.2% in 2021.
On a national level, office vacancy rates continue to rise in the first quarter of 2021 to 16.4%, from 13% one year ago.
The report is a survey of members pertaining to sustainability issues facing the industry. NAR is a leader in the dialogue on real estate sustainability among real estate agents, brokers, trade associations, and consumers.
In March, single-family building permits rose in 42% of the metro areas across the country.
The economy is now back to its pre-pandemic level as the economy undergoes a strong expansion by an annualized rate of 6.4% in the first quarter.
The average rate on the 30-year fixed-rate home loan inched up to 2.98% from 2.97% the previous week. Expect rates to move above 3% in the following weeks as the economy continues to recover.
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