---
title: Key SFR Data Release Summary for August 2023
description: CPI ticks up slightly, unemployment stays the same, new home sales surge, affordability shows a positive sign.
---

[PlanOmatic Blog | Insights on Property Marketing and Management ](https://www.planomatic.com/blog)

# [Key SFR Data Release Summary for August 2023](https://www.planomatic.com/blog/key-sfr-data-release-summary-for-august-2023)

 Written by [PlanOmatic](https://www.planomatic.com/blog/author/planomatic) | Aug 29, 2023 8:00:53 PM

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Looking for a place where all the key SFR data releases from the month are summarized in one place? You found it!

## Monthly Releases: Economic Indicators

### **Consumer Price Index**

*Bureau of Labor Statistics | *[*Press Release*](https://www.bls.gov/news.release/cpi.nr0.htm)* | August 10, 2023*

Headline: [July CPI report shows inflation gauge rose 3.2%, less than expected](https://www.cnbc.com/2023/08/10/cpi-inflation-july-2023-.html) (CNBC)

Key Takeaways:

- The **All Item CPI increased 3.2%** for the 12 months ending in July, after increasing 3% for the 12 months ending in June.
- The All Item CPI **increased 0.2% MoM in July, **the same increase as June.
- The index **excluding Food & Energy increased 4.7%** over the last 12 months, the second month in a row the increase was less than 5%.
- The **index for shelter accounted for over 90 percent** of the all items index increase.
- “More economists are **beginning to expect the U.S. can avoid a recession** despite the aggressive rate hikes. Bank of America, Goldman Sachs and JPMorgan Chase all recently have forecast that a contraction is becoming less likely.” (Jeff Cox, CNBC)

### **Small Business Optimism Index**

*National Federation of Independent Business | *[*Report*](https://strgnfibcom.blob.core.windows.net/nfibcom/SBET-July-2023.pdf)* | August 8, 2023*

Key Takeaways:

- The Optimism Index **increased 0.9 points in July** to 91.9 after increasing 1.6 points in June, still well below the 49-year average of 98. 
- 21% of owners reported inflation as their single most important problem in operating their business, **down 3 points from last month.**
- Owners expecting better business conditions over the next six months improved 10 points from June, **making this the highest reading since August 2021** but historically still very negative.
- “The long anticipated, predicted, recession is nowhere to be seen (almost)… The Fed staff (not FOMC) has **changed their recession forecast to a “slowdown.” **There is more talk about a “soft landing” and less of a recession.” (William Dunkelberg & Holly Wade, Small Business Optimism Index report)

### **Employment Situation Summary**

*Bureau of Labor Statistics | *[*Press Release*](https://www.bls.gov/news.release/empsit.nr0.htm)* | August 4, 2023*

Headline: [Employment Report: 187K Jobs Added in July](https://www.advisorperspectives.com/dshort/updates/2023/08/04/employment-report-187k-jobs-added-in-july)

Key Takeaways:

- Total nonfarm payroll employment increased by 187,000 in July and the **unemployment rate changed little at 3.5%** compared with 3.6% in June.
- The unemployment rate has **ranged from 3.4 percent to 3.7 percent** since March 2022.
- In July, job gains occurred in **health care, social assistance, financial activities, and wholesale trade**.
- In July, employment in leisure and hospitality was little changed (+17,000). The industry has shown little employment change in recent months, **following average monthly gains of 67,000 in the first quarter of the year**.

### **Consumer Sentiment**

*University of Michigan | *[*Press Release*](http://www.sca.isr.umich.edu/)* | August 28, 2023*

Key Takeaways per Joanne Hsu, Survey Director: 

- “After rising sharply for the past several months, **consumer sentiment moved sideways in August** and is not statistically different from July.” (Joanne Hsu)
- Sentiment sits at about **39% above the all-time historic low** reached in June 2022.
- “The long-run economic outlook **fell back about 12%** this month but remains higher than just two months ago.” (Joanne Hsu)

## Monthly Releases: Housing and SFR Data

### **Single Family Rent Index**

*CoreLogic | *[*Press Release*](https://www.corelogic.com/intelligence/annual-rent-growth-slows-again-june/)* | August 25, 2023*

Key Takeaways:

- U.S. single-family rents grew by 3.3% percent year over year in June, **the lowest such gain since autumn 2020**.
- Month-over-month** rent growth of 1.1% nearly matched the pre-pandemic average** growth of 1% for June.
- “Increases for **attached properties were 1.5x that of detached properties in June**; this is historically not the case, as both housing types tend to rise at the same pace.” (Molley Boesel, CoreLogic)

### **Case-Shiller Home Price Index**

*S&P CoreLogic | *[*Press Release*](https://www.spglobal.com/spdji/en/index-announcements/article/sp-corelogic-case-shiller-index-positive-momentum-continues-in-june/)* | August 29, 2023*

Key Takeaways:

- The National Price Index reported **0% annual change in June**, after decreasing -0.4% in May.
- The National Price Index posted a **0.9% MoM increase in June**, after posting a 1.2% MoM increase in May.
- “Our National Composite rose by 0.9% in June, and it **now stands only -0.02% below its all-time peak** from exactly one year ago.” (Craig Lazzara, S&P DJI)

### **July Rental Report**

*Realtor.com | *[*Press Release*](https://www.realtor.com/research/july-2023-rent/)* | August 21, 2023*

Key Takeaways:

- July 2023 marks the **third month of year-over-year rent decline in a row** for 0-2 bedroom properties (-1% YoY).

- Rent for studios** saw its first year-over-year decline** in over two years.
- Nationwide **affordability improved slightly** with renters earning the typical household income devoting 25.9% of their income to their lease, compared with 26.5% in July 2022. 
- On a market level, **Miami is the least affordable rental market** with typical households spending 44.2% of their income on a typical rent.

### **New Residential Construction**

*HUD | *[*Press Release*](https://www.census.gov/construction/nrc/current/index.html)* | August 16, 2023*

Headline: [Construction of new homes jumps in July as mortgage rates continue to rise](https://nypost.com/2023/08/16/single-family-housing-starts-surge-in-july-as-mortgage-rates-rise/) (NY Post)

Key Takeaways: 

- **Building permits were up 0.1% MoM in July**, and single-family permits increased 0.6% MoM. 
- Housing starts were up 3.9% MoM in July and up 5.9% YoY, and **single-family starts were up 6.7% MoM**.
- Permits for housing projects with five units or more fell 0.2% to a rate of 464,000 units, **the lowest level since October 2020.**

### **New Residential Sales**

*HUD | *[*Press Release*](https://www.census.gov/construction/nrs/pdf/newressales.pdf)* | July 26, 2023*

Headline: [New home sales picked up significantly in July. Can it last?](https://www.housingwire.com/articles/new-home-sales-picked-up-significantly-in-july-can-it-last/) (HousingWire)

Key Takeaways:

- New Home Sales were **up 4.4% MoM in July and up 31.5% YoY,** after seeing a MoM decrease of 2.5% in June. 
- Sales of New Homes that were **“Not Started” in construction represented only 13%** of total New Home Sales in July, **compared to 23% of New Home Sales in July 2022** – this indicates that last year consumers were purchasing homes very early on in the process.
- In July 2023, **40% of new houses were sold for less than $400,000** compared with a year earlier when 33% cost less than $400,000 (Holden Lewis, NerdWallet)

### **Existing Home Sales**

*NAR | *[*Press Release*](https://www.nar.realtor/newsroom/existing-home-sales-slipped-2-2-in-july)* | August 22, 2023*

Key Takeaways:

- Existing home sales **dropped 2.2% MoM in July**, after falling 3.3% in June, and decreased 16.6% YoY.
- Individual investors or second-home buyers **purchased 16% of homes in July**, down from 18% in June but up from 14% one year ago.
- Regionally, existing home sales in the **West increased 2.7% MoM in July** after decreasing 5.1% in June. All other regions saw a month-over-month decline.
- “Two factors are driving current sales activity – **inventory availability and mortgage rates,**” said NAR Chief Economist Lawrence Yun. “Unfortunately, both have been unfavorable to buyers.”

### **Pending Home Sales Index**

*NAR | *[*Press Release*](https://www.nar.realtor/newsroom/pending-home-sales-rose-0-3-in-june-first-increase-in-three-months)* | August 30, 2023*

Key Takeaways:

- Pending home sales** increased 0.3% MoM in June**, the first month-over-month increase since February.
- The South and West posted monthly losses, while sales in the **Northeast and Midwest grew**.
- “The recovery has not taken place, **but the housing recession is over**. The presence of multiple offers implies that housing demand is not being satisfied due to lack of supply. Homebuilders are ramping up production and hiring workers.” (Lawrence Yun, NAR)

## Quarterly Releases: Earnings Statements

### **Tricon Residential**

*Press Release* | August 9, 2023

- Acquired 805 homes in Q2 and **reduced guidance from 2,000-4,000 acquired homes in 2023 down to 2,000 homes** for the year.
- **Reduced guidance for NOI, Revenue, and Expense Growth** from 6-7.5% to 6-7% due to a combination of fewer rent increases because of lower resident turnover, elevated property taxes, and lower turnover expenses.
- Same-home** cost to maintain per home decreased 5.3% YoY** by focusing on cost savings initiatives like their National Procurement Program, Scope Management – reducing high-cost projects when possible, and Internalization of maintenance resources.

Tricon expanded its single-family **rental portfolio to 37,162 homes**.

[View full post](https://www.planomatic.com/blog/key-sfr-data-release-summary-for-august-2023)

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