Inflation dominated last week’s economic readings and predictions as it hit a year-over-year growth rate of 9.10 percent in July. Inflation reached its highest year-over-year growth rate since 1981. Gasoline prices eased somewhat, but not enough to provide relief against a backdrop of high housing and food prices. Low and moderate-income consumers were disproportionately impacted as rents rose beyond near-record inflation and home prices remained out of reach for many would-be home buyers.
Last week’s scheduled economic news included reports on home prices, pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims were also released.
U.S. home price growth continued but slowed in April according to the S&P Case-Shiller Home Price Indices. The national home price index posted year-over-year home price growth of 20.4 percent in April as compared to the corresponding home price growth rate of 20.6 percent in March. Analysts said that diminishing affordability was slowing rapid gains in home prices seen during the pandemic.
Last week’s economic reporting included readings on home sales, Fed Chair Jerome Powell’s testimony on monetary policy to the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly reports on mortgage rates and jobless claims were also released.
Last week’s economic reporting was highly focused on inflation, which grew at its fastest pace since 1981. Rising fuel and food prices boosted inflation in the U.S. and abroad; Analysts said the Ukraine War and supply chain problems continued to drive inflation. Weekly readings on mortgage rates and jobless claims were also released.
Last week’s economic reporting included readings from S&P Case-Shiller Home Price Indices, The Federal Housing Finance Agency on home prices for homes owned or financed by Fannie Mae and Freddie Mac, and reporting on Construction spending. Weekly readings on mortgage rates and jobless claims were also released.
S&P Case-Shiller’s National Home Price Index rose by 19.80 percent year-over-year in February and was the third-largest pace of home price growth since the National Home Price Index’s inception.
Last week’s economic reporting included the National Association of Home Builders Housing Market Index, government readings on housing starts and building permits, and data on sales of previously-owned homes. Weekly readings on mortgage rates and jobless claims were also released.
U.S home prices grew at a near-record pace in January according to the National S&P Case-Shiller Home Price Index; year-over-year home prices rose by 19.20 percent in January as compared to December’s reading of 18.90 percent. Home prices rose 1.80 percent on a month-to-month basis from December to January.
Last week’s economic reporting included readings on housing markets from the National Association of Home Builders, sales of previously-owned homes, and government reports on housing starts and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.
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