RealPage Economy Express Episode 28

Episode 28: Signs of Stability Continue, Despite Caution

  • Unemployment insurance claims decreased by 8,000 people in the week-ending May 18, according to the Bureau of Labor Statistics, suggesting a stable jobs market.
  • Pending home sales dropped by 7.7% month-over-month in April due to rising interest rates, reports the National Association of Realtors. This paints a cautious picture of the housing market. All U.S. regions saw declines.
  • Still, median existing-home price increased by 5.7% in the past year, indicating home values remain resilient, despite setbacks.
  • Median sales prices for new homes climbed to $433,500 in April.
  • The S&P CoreLogic Case-Shiller Index recorded a 6.5% annual gain in home prices, indicating robust appreciation in some markets.
  • Business activity in May saw a notable uptick, with the U.S. Composite PMI Output Index soaring to 54.4, the highest since April 2022.

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