The S&P CoreLogic Case-Shiller National Index reported This Week in Real Estate that housing prices in March rose at the strongest pace in nearly three years, and the top 2 cities in the country were Seattle and Portland, respectively. Below are a few highlights from the last week of May that influence our business:
* Single Family Sector is Rare Winner in Construction Spending Report. The total amount of construction put in place nationally fell in April, but continues at a pace higher than at the same point in 2016. The U.S. Census Bureau puts the seasonally adjusted annual rate of spending on all types of construction during the month at $1.22 trillion, a decrease of 1.4 percent from the March total, but up 6.7 percent from April of last year. Total spending on residential construction was down 0.9 percent from March, but was 15.6 percent higher than a year earlier. Residential spending in the private sector was at a seasonally adjusted annual rate of $516.65 billion in April, an 0.7 percent dip from $520.36 billion in March, but 16.0 percent higher than the April 2016 pace. Spending on new single family construction managed to be one of the few gainers for the month, eking out an 0.8 percent month-over-month gain to a rate of $262.14 billion. This made the spending rate 7.7 percent higher than a year earlier.
Full Story… http://www.mortgagenewsdaily.com/06012017_construction_spending.asp
* May Employment Numbers Show “Rip-Roaring” Job Growth. ADP and Moody’s Analytics released the National Employment Report showing a huge surge in employment numbers for May. Private-sector employment increased by a seasonally adjusted 253,000 from April to May. “May proved to be a very strong month for job growth,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Professional and business services had the strongest monthly increase since 2014.” “The current pace of job growth is nearly three times the rate necessary to absorb growth in the labor force. Increasingly, businesses’ No.1 challenge will be a shortage of labor,” Moody’s Analytics Chief Economist Mark Zandi said.
Full Story… https://www.housingwire.com/articles/40306-may-employment-numbers-show-rip-roaring-job-growth
* Case-Shiller: No Telling When Prices, Rates Will Force Housing Slowdown. Home prices across the nine U.S. census divisions hit a 33-month high in March. The S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 5.8 percent from its level in March 2016, a 0.1 percentage point more than the annual increase it posted in February. Seattle, Portland and Dallas reported the highest year-over-year gains among the 20-City Composite. “Home prices continue rising with the S&P CoreLogic Case-Shiller National Index up 5.8 percent in the year ended March, the fastest pace in almost three years,” David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices said. As of March, the National Index is 1.3 percent higher than the pre-crash peak it reached in July 2006, having bounced back by 39.5 percent from its low point in February 2012.
Full Story… http://www.mortgagenewsdaily.com/05302017_case_shiller_indices.asp
Have a productive week!