RealPage Economy Express Episode 22

Episode 22: Cautious optimism in the economic landscape?

  • Consumer confidence decreased slightly in February, reports the Fed’s Survey of Consumers.
  • There's a strong correlation between consumer confidence and apartment demand. When consumer confidence is up, demand for apartments increases and, in turn, consumers cut back on spending and long-term commitments during times of economic uncertainty.
  • New residential home sales in reached a seasonally adjusted annual rate of 661,000 in January 2024. That was a 1.5% increase from December.
  • Pending home sales receded, however, by 4.9% in January, reflecting consumer sensitivity to mortgage rate fluctuations.
  • The S&P CoreLogic Case-Shiller Index reported a 5.5% annual gain for 2023, though most major markets saw monthly price decreases in December.
  • The ADP National Employment Report indicated a 140,000 job increase in February and a notable 5.1% rise in annual pay.

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