Real Estate, Economy & Market News
MARKET INDICATORS SNAPSHOT
- Mortgage Rate (30-Year Fixed): 3.7% (as of 1/18)
- Existing Home Sales: +1.9% (November 2021)
- New Residential Sales: +12.4% (November 2021)
- Median Sales Price for New Houses Sold: $416,900 (November 2021)
- Construction Spending: +0.2% (October 2021)
- New Residential Construction: 3.6% (November 2021)
- Homeownership Rate: +65.4% (3Q21)
- Rental Vacancy Rate: +6.4% (4Q21)
Sources: NAR, BLS, Federal Reserve Bank
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Housing supply drops to a new low since start of the pandemic
Seventy-nine of the 88 largest metro areas registered plummeting home sales.
Homebuilder confidence plummets for the first time in 4 months
Builder confidence fell one point to 83 in January, according to NAHB.
COMMERCIAL REAL ESTATE
Global lodging sector to recover in the second half of 2022
Business travel appears to be recovering faster in the US than in other parts of the world.
Omicron variant will not affect CRE recovery
The US office market has already recorded three consecutive quarters of leasing volume increases, and leasing activity is on the rise.
WSJ: Office leases rise thanks to tenant perks
Landlords are showering tenants with tens of millions of dollars and months’ worth of free rent and cash gifts to tenants to attract lease renewals.
Manhattan office real estate not affected by WFH setup
Manhattan office leasing rose by a robust 8.3% in 4Q21.
ECONOMY & JOB MARKET
Top academics: 2022 will be a tough year for housing
Price increases to lose momentum in the coming year, albeit a not-so-clear magnitude of the slowdown.
Fed: Interest rate hike likely to begin in March
Hike to begin once it terminates its purchases of Treasuries and mortgage-backed bonds.
Survey: Workers likely to receive 3.4% pay hike
Inflation is the main driver towards faster wage growth.
30-year fixed mortgage rate at the highest level since April 2020
It is now 83 basis points higher than the same time one year ago.
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