Last Friday's U.S. jobs report drew quick reaction from the real estate industry. The National Association of Realtors Chief Economist Lawrence Yun made the following comments on U.S. Bureau of Labor Statistics' February 2017 jobs report:
"The boosts to business and consumer confidence over the past few months is evidently leading to faster hiring. The 235,000 net new job additions in February and 2.3 million over the past year will support home buying even in the face of higher mortgage rates."
Yun continued, "Moreover, the construction job gains of 58,000 is the best monthly showing in over a decade and implies less bottle-necking to homebuilding in upcoming months. One weakness in the report is in the hours worked each week by an average worker, which remained stuck at 34.4 hours. I would like to see this figure rise a bit to assure a clearer sign of future wage growth."
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.