Economic News from RSM
Housing starts and permits inched up in March due to a boost from multifamily homes, beating market forecasts of significant declines in both series.
New residential starts rose 0.3% on the month to 1.79 million annualized rate, the highest since 2006. Building permits, an indicator of future starts, climbed 0.4% to an annualized 1.87 million. … READ MORE >
Pending home sales in February dipped for the fourth straight month as depleted inventory and rising mortgage rates dampened sales. … READ MORE >
While low interest rates have contributed to the increased demand for housing, the factors driving the market go beyond low rates and include a thriving economy, favorable demographics and a limited supply. … READ MORE >
New home sales posted the second consecutive month of decline in February as elevated prices and rising mortgage rates deterred buyers. … READ MORE >
Sales of existing homes dipped 7.2% in February after recording a sharp 6.6% rise in January, the National Association of Realtors reported on Friday. … READ MORE >
What was supposed to be the summer of “revenge” travel may end up disappointing expectations. … READ MORE >
The Federal Reserve on Wednesday boosted interest rates by a quarter percentage point, leaving many landlords and real estate fund managers to wonder how the increase will affect their operations and bottom line. Fortunately, no one needs to ring the alarm. With the cost of capital remaining low, continued interest in real estate from both domestic and foreign investors, and robust demand for sectors such as housing and industrial, real estate should continue to see positive trends despite the near-term interest rate hike. … READ MORE >
New home sales dropped 4.5% in January as high prices and increasing mortgage rates slowed demand. The omicron variant and colder-than-usual weather in January were also factors in the decline. … READ MORE >
Investors with all-cash offers flocked into the housing market before rate hikes, helping to push sales of existing homes to 6.5 million in January at an annualized rate. … READ MORE >
Housing starts declined by 4.1% in January on an annualized rate. But housing starts remained well above the long-term equilibrium for housing supply of around 1.5 million a year. … READ MORE >
