RealPage Economy Express Episode 14

Episode 14: Are consumers still spending, despite higher prices?

  • Pending home sales increased by 1.1% in September but are still down 11% year-over-year, according to the National Association of Realtors. This isn’t surprising given the increase in mortgage rates.
  • A government report showed 760,000 new single-family homes were sold in September, a 34% increase from the previous year.
  • The U.S. economy experienced robust growth of 4.9% in 3rd quarter, equivalent to the entire economies of Portugal, Iraq or New Zealand, according to the U.S. Bureau of Economic Analysis.
  • Consumer spending increased by 4%, despite a recent decline in the Consumer Confidence Index over the past three months.
  • The Fed decided to maintain interest rates at their current level.

For more information on the state of the U.S. Economy, including forecasts, watch all the episodes of the Economy Express series.