KEY MARKET INDICATORS as of July 18, 2017
Q1 State Economic and Housing Conditions
The West Coast and the Southeast out-performed the rest of the country in both job and earnings growth during Q1. The Midwest and parts of the Northeast reported weaker job growth. Average earnings growth differed significantly across the country. It was surprisingly strong in the Southeast, with some states reporting earnings growth in the 4-5% range.
We continue to see imbalances in demand and supply in individual housing markets. The imbalance remains the most acute along the the West Coast where construction activity were generally flat or down. This suggests that supply in these markets continued to lag demand, driving home prices higher.
*FHFA Purchase-Only Home Price Index