Looking for a place where all the key rental housing 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 | February 13, 2024
Key Takeaways:
- The index excluding Food & Energy (“Core Inflation”) increased 3.9% over the last 12 months, the same increase over the 12 months ending in December.
- The All Item CPI increased 3.1% for the 12 months ending in January, after increasing 3.4% in the 12 months ending in December.
- The index for shelter increased 0.6% MoM and 6% YoY, contributing over two-thirds of the monthly items increase.
Small Business Optimism Index
National Federation of Independent Business | Report | February 13, 2024
Key Takeaways:
- The Small Business Optimism Index decreased by 2 points in January to 89.9, following a 1.3-point increase in December.
- Thirty-nine percent of owners reported job openings they couldn’t fill, down 1 point from December and the lowest reading since January 2021.
- The net percent of owners raising average selling prices declined 3 points from December to a net 22% seasonally adjusted. 15% reported lower selling prices, the highest since August 2020.
- “Inflation pressures from Main Street have declined by 50% since peaking in 2021. However, prices are now 20% higher than they were in 2020, an increase that strips the purchasing power out of the earnings of most workers.” (NFIB)
Employment Situation Summary
Bureau of Labor Statistics | Press Release | February 2, 2024
Headline: The US didn’t just avoid a recession — it’s adding hundreds of thousands of new jobs (AP)
Key Takeaways:
- Total nonfarm payroll employment increased by 353,000 in January after increasing by 333,000 in December, resulting in four consecutive months of increase.
- The unemployment rate remained flat at 3.7% in January, matching the rate for December and November.
- Wages rose 0.6% MoM – the fastest monthly gain in nearly two years – and 4.5% YoY.
- “The unemployment rate has now come in below 4% for two straight years, the longest such streak since the 1960s.” (AP)
Consumer Sentiment
University of Michigan | Press Release | March 1, 2024
Key Takeaways per Joanne Hsu, Survey Director:
- Consumer sentiment saw a small increase of 0.8% MoM in February after soaring 13% in January.
- Sentiment is about 30% above November 2023 and 6% below its historical average since monthly data collection began in 1978.
- “The fact that sentiment lost no ground this month suggests that consumers continue to feel more assured about the economy.” (Joanne Hsu)
Consumer Spending
Bureau of Economic Analysis | Press Release | February 29, 2024
Headline: Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago (CNBC)
Key Takeaways
- Core PCE Index, excluding food and energy:
- +0.4% MoM (December: +0.1% MoM)
- +2.8% YoY (December: +2.9% YoY ) << this is a key metric tracked by the Fed
- The Overall PCE Price Index increased 0.3% MoM and increased 2.4% YoY – in line with forecasts.
- “January’s price rises reflected an ongoing shift to services over goods as the economy normalizes from the Covid pandemic disruptions.” (CNBC)
Monthly Releases: Housing and SFR Data
Single-Family Rent Index
CoreLogic | Press Release | February 20, 2024
Key Takeaways:
- U.S. single-family rent growth increased by 2.8% YoY in December, after increasing 2.7% YoY in November.
- “This was the highest rate recorded since the summer but generally in line with pre-pandemic numbers.” (CoreLogic)
Case-Shiller Home Price Index
S&P CoreLogic | Press Release | February 27, 2024
Key Takeaways:
- The National Price Index reported a 5.5% annual change in December, after reporting a 5.1% annual change in November.
- “All 20 markets reported yearly gains for the first time this year, with four markets rising over 8%. Portland eked out a positive annual gain after 11 months of declines.” (Brian Luke, S&P DJI)
- 17 out of the 20 major metro markets reported month-over-month price decreases.
January Rental Report
Realtor.com | Press Release | February 22, 2024
Key Takeaways:
- January marks the sixth month of YoY rent decline in a row for 0-2 bedroom properties at -0.3%, after a -0.4% decline in December.
- Despite the six months of decline, the U.S. median rent was just $46 (-2.6%) less than the peak seen in August 2022.
- The YoY rent for rental properties in the South declined -1.2%, after declining -0.5% in December. This decline was led by Memphis (-5.5%), Atlanta (-3.8%), Austin (-3.6%), St Louis (-3.6%) and Miami (-3.4%).
New Residential Construction
HUD | Press Release | February 16, 2024
Key Takeaways:
- Starts for buildings with 5+ units were down -35% MoM in January, reaching its lowest level since May 2020, while single-family home starts were only down -4.7% MoM.
- Completions for buildings with 5% units were up 6% MoM, while single-family home completions were down -16% MoM.
- Permits for buildings with 5+ units were down -9% MoM reaching a level not seen since April 2020.
New Residential Sales
HUD | Press Release | February 26, 2024
Key Takeaways:
- New Home Sales were up 1.5% MoM in January on a seasonally adjusted basis after increasing 8% MoM in December.
- New Home Sales in the Northeast region increased 72% MoM, reaching its highest level since March 2023.
- New Home Sales in the South decreased -15% MoM, reaching a level not seen for that region since September 2022.
Existing Home Sales
NAR | Press Release | February 22, 2024
Key Takeaways:
- Existing home sales increased by 3.1% MoM in January after decreasing -1% MoM in December.
- Total inventory in January was up 2% from December and up 3.1% from one year ago
- The median existing-home price for all housing types in January was $379,100, an increase of 5.1% YoY.
- According to the Realtors Confidence Index, homes typically remained on the market for 36 days, up from 29 days in December.
Pending Home Sales Index
NAR | Press Release | February 29, 2024
Key Takeaways:
- Pending home sales decreased -4.9% MoM in January, after increasing 8.3% MoM in December.
- The Pending Home Sales Index declined YoY for all four regions.
- The Northeast and West posted monthly gains in transactions while the Midwest and South recorded losses.