The National Association of Realtor's chief economist Lawrence Yun's had the following comments to last week's U.S. Bureau of Labor Statistics March 2017 report on employment conditions, "The soft hiring seen in March is not too concerning and likely a single month aberration. The recent high levels of voluntary quitting, presumably because of better job opportunities elsewhere, will lead to strengthening wage growth."
Yun continued, "Housing demand still looks solid going forward. Housing supply, on the other hand, could be constrained further because homebuilders still face worker shortages despite construction employment gains holding steady in recent months."
According to Realtor.com senior economist Joseph Kirchner, last week's jobs report has good news showing the steady progress that we have made since the recession is continuing and that demand for housing will remain strong. Millennials and their parents are both finding jobs, wages are increasing - and there's still hope the kids can move out of the basement! Unfortunately, unless new home construction picks up, prices will continue to rise and inventory will keep dropping even faster.
March 2017 U.S. Job Report Highlights Included:
Compared to last month, employment is up by 0.07 percent and the unemployment rate is down from 4.7 to 4.5 percent.
The number of people with part-time work who prefer full-time work also decreased.
Compared to a year ago, employment is up by 0.65 percent and the unemployment rate is down from 5 to 4.5 percent.
Duration of unemployment has also decreased. Then number of workers with more than 27 weeks of unemployment is down a whopping 23.8 percent.
The number of discouraged workers, those who want to work, but have given up trying also plummeted, by 22.4 percent.
Existing homes sales in the U.S. have retreated in four of the past five months, but a new survey from the National Association of Realtors finds this slowdown is not because of a lack of confidence from consumers
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending September 1, 2017, U.S. mortgage applications increased 3.3 percent from one week earlier.
According to Zillow, nearly one in 20 residential ZIP codes in the U.S. meets the definition of a $1 Million Neighborhood, meaning at least 10 percent of the homes there are worth seven figures or more.
According to Freddie Mac's latest Primary Mortgage Market Survey for early August 2017, the 30-year fixed mortgage rate dropped to its lowest point in six weeks. After holding relatively flat last week, the 10-year Treasury yield fell 4 basis points this week.