Following home price growth of 6.6% in 2023, a panel of housing experts forecasts annual national home price growth of 4.3% in 2024 and 3.2% in 2025, according to the Fannie Mae Home Price Expectations Survey.
Category: News and Trends
CBRE: Boston, New York/New Jersey, Los Angeles Top Life Sciences Subsectors Lists
CBRE, Dallas, released its latest U.S. Life Sciences Talent Trends report, analyzing life sciences employment by subsector and identifying which cities constitute the “top markets” for each.
Dealmaker: Cushman & Wakefield Arranges $69M in Refinancing for Queens Industrial Site
Cushman & Wakefield, New York, served as exclusive adviser to The KABR Group in the procurement of $69.125 million to refinance an industrial property–called the Ideal Building–in Jamaica, Queens.
Quote: June 10, 2024
“Although this report is not uniformly strong, on net, it is showing a job market that is still quite tight, which likely means that the Federal Reserve will continue to hold at its current level of rates, as inflation is unlikely to drop back to target given this pace of wage growth. MBA is forecasting a first rate cut in September of this year.”
–MBA Senior Vice President and Chief Economist Mike Fratantoni on the June 7 jobs report
Jobs Report: 272,000 Added in May
The U.S. Bureau of Labor Statistics announced nonfarm payroll increased by 272,000 and the unemployment rate was at 4% in May.
MBA Chart of the Week: Purchase Applications Payment Index for Selected States
Following the precipitous rise in interest rates and home prices in 2022 that starkly eroded affordability conditions for home buyers, the monthly cost burden of purchasing a new home continued to increase in 2023 and the first four months of 2024, albeit at a slower pace.
Dealmaker: JLL Secures $30M For Three-Property Industrial Portfolio
JLL Capital Markets, Chicago, arranged $30 million in financing for a three-property industrial portfolio totaling 330,178 square feet in Texas, California and Arizona.
ATTOM: Mortgage Lending Drops in Q1
ATTOM, Irvine, Calif., released its first-quarter U.S. Residential Property Mortgage Origination report, revealing that 1.28 million mortgages secured by residential property were issued in the quarter.
ICE Mortgage Monitor: Home Prices Cool for Second Straight Month in April
Intercontinental Exchange reported its ICE Home Price Index showed cooling annual growth for the second consecutive month in April, falling to 5.1% from a revised 5.7% in March and 6.1% in February.
Quote: June 7, 2024
“Mortgage credit availability rose gradually in May and has increased for five consecutive months. The overall supply of mortgage credit is still close to 2012 lows, but is slowly increasing,”
–Joel Kan, MBA’s Vice President and Deputy Chief Economist