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Calculated RiskNews
Weekly Initial Unemployment Claims Increase to 208,000
The DOL reported : In the week ending January 3, the advance figure for seasonally adjusted initial claims was 208,000 , an increase of 8,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 199,000…
EconomyHomebuildersU.S. National
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Calculated RiskNews
Wednesday: ADP Employment, Job Openings, ISM Services
The post from Calculated Risk announces the economic indicators scheduled for release on Wednesday, January 8, 2026, including the ADP Employment Report for December (with a consensus expectation of 50,000 private jobs added, up from a loss of 32,000 in November), the Job Openings and Labor Turnover Survey for November, the ISM Services Index for December, and the Mortgage Bankers Association mortgage purchase applications index. The document provides the release times and basic descriptions of each report without presenting final findings or analysis.
EconomyHomebuildersU.S. National
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Calculated RiskNews
BLS: Job Openings Declined to 7.1 million in November
From the BLS: Job Openings and Labor Turnover Summary The number of job openings was little changed at 7.1 million in November , the U.S. Bureau of Labor Statistics reported today. Over the month, hires were little changed and…
EconomyHomebuildersU.S. National
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Calculated RiskNews
Light Vehicle Sales Increased to 16.0 Million SAAR in December
The BEA reported that light vehicle sales were at 16.0 million in December on a seasonally adjusted annual basis (SAAR). This was up 1.9% from the sales rate in November, and down 4.9% from December 2024.
EconomyHomebuildersU.S. National
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NAHB — Eye on HousingNews
A Laconic Statement: Hawkish Hold and New Plans from the Fed
The Federal Reserve maintained its federal funds rate at 3.75% in its June 2026 meeting under new Chair Warsh while adopting a more hawkish tone, removing the prior easing bias and emphasizing price stability, with the Summary of Economic Projections revising 2026 core PCE inflation expectations upward to 3.3% from 2.7% and indicating at least one rate hike by end of 2026. Chair Warsh announced a task force to review Fed operations across communications, balance sheet strategy, data sources, productivity analysis, and inflation framework, and acknowledged that current Fed policy is "somewhat restrictive" for the housing market while economic growth is projected at 2.2% for 2026 and unemployment at 4.3%.
HomebuildersEconomyU.S. National
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NAHB — Eye on HousingNews
Housing Starts Weaken in May as Multifamily Construction Slows
Housing starts fell 15.4% in May 2026 to a seasonally adjusted annual rate of 1.18 million units, with multifamily construction dropping 40.2% month-over-month and single-family starts declining 1.9%, attributed to high interest rates, rising construction costs, and labor shortages. The total number of housing units under construction declined 7.1% year-over-year to 1.27 million units, while regional performance varied, with the Northeast showing strength but the South and West posting declines.
HomebuildersEconomyMultifamilyU.S. National
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NAHB — Eye on HousingNews
Single-Family Permits Continue to Decline Through April as Multifamily Activity Strengthens
Through April 2026, single-family residential permits declined 6.4 percent year-over-year to 299,642 units nationwide due to affordability challenges and elevated borrowing costs, while multifamily permits increased 7.5 percent to 166,252 units with strong regional gains led by the Northeast's 33.5 percent increase. Regionally, single-family permitting fell in all four regions with the Northeast declining 13.8 percent, while multifamily permits rose in three of four regions with only the South experiencing an 8.4 percent decrease.
HomebuildersEconomyMultifamilyU.S. National
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NAHB — Eye on HousingNews
Residential Building Material Prices Rise at Highest Rate In Over Three Years
Residential building material prices, excluding energy, rose 4.4% year-over-year in May 2026, their highest rate since January 2023, while the price index for inputs to new residential construction increased 1.3% monthly and 6.9% annually. Energy prices for residential construction rose 17.2% in May and were 62.8% higher than a year prior, with No. 2 diesel fuel up 105.9% year-over-year, though gypsum building material prices declined 1.1% from the previous year.
HomebuildersEconomyU.S. National
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NAHB — Eye on HousingNews
Inflation Surpassed 4% in May
The Consumer Price Index rose to 4.2% annually in May 2026, marking the highest increase in three years, with energy costs—driven by the Iran war—accounting for more than 60% of the monthly increase and pushing gasoline prices up more than a dollar. Core CPI (excluding food and energy) increased 2.9% annually, the shelter index rose 3.4% year-over-year, and the energy component surged 23.5% annually, while inflation outpaced wage growth for the second consecutive month and energy prices are expected to remain elevated for months ahead.
HomebuildersEconomyU.S. National
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NAHB — Eye on HousingNews
Existing Home Sales Increased in May
Existing home sales rose 3.2% to a seasonally adjusted annual rate of 4.17 million units in May 2026, reaching a five-month high as the first-time buyer share climbed to 35%, the highest since June 2020, according to National Association of Realtors data cited in this NAHB blog post. Despite the sales increase, inventory remained tight at 1.55 million units with a 4.5-month supply, mortgage rates held around 6.5% after rising over 50 basis points since late February, and the median existing home price reached $429,300, up 1.3% year-over-year for the 35th consecutive month of annual gains.
HomebuildersEconomyU.S. National
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NAHB — Eye on HousingNews
Mortgage Applications Retreat in May, with ARMs Gaining Share
Mortgage application activity declined 5.5% month-over-month in May 2026 due to higher rates, with the 30-year fixed-rate mortgage averaging 6.54%, though adjustable-rate mortgages gained share to 9.0% of total applications as borrowers sought lower initial rates. Year-over-year, total mortgage applications remained 14.2% higher, with refinance applications up 26.4% and purchase applications rising 6.2%, while ARM applications increased 38.2% compared to May 2025.
HomebuildersEconomyDebt & FinancingU.S. National
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NAHB — Eye on HousingNews
U.S. Labor Market Remains Resilient in May
The U.S. labor market showed continued resilience in May 2026, with nonfarm payrolls increasing by 172,000 jobs for the third consecutive month and the unemployment rate holding steady at 4.3%, while wage growth moderated to 3.4% year-over-year. Job gains concentrated in leisure and hospitality, local government, and health care, though residential construction employment declined by 33,300 jobs over the past 12 months, marking the fifteenth consecutive annual decline.
HomebuildersEconomyU.S. National
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NAHB — Eye on HousingNews
Mortgage Rates Increase Further as Inflation Remains Elevated
The 30-year fixed-rate mortgage averaged 6.41% in May 2026, up 7 basis points from April and 36 basis points since the Middle East conflict began, while the 15-year rate averaged 5.76%, also up 7 basis points monthly as elevated inflation and rising energy prices pushed the 10-year Treasury yield to 4.47%. Persistently high inflation strained household budgets, causing the personal saving rate to fall to 2.6% in April, the lowest level since June 2022.
HomebuildersEconomyDebt & FinancingU.S. National
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NAHB — Eye on HousingNews
Slight Increase for Construction Job Openings
Construction job openings in the United States increased slightly from 234,000 in March to 259,000 in April 2026, according to the Bureau of Labor Statistics Job Openings and Labor Turnover Survey, with the construction job openings rate rising to 3% in April from 2.4% a year prior. The article notes that while overall economy job openings surged to 7.62 million in April, construction openings remain measurably lower than three years ago due to declines in housing construction activity, though recent nonresidential construction gains have provided some offset.
HomebuildersEconomyU.S. National
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NAHB — Eye on HousingNews
Private Residential Construction Spending Increases in April
Private residential construction spending increased 0.8% in April 2026, driven primarily by gains in single-family and home improvement spending, with total private residential construction spending 1.7% higher than April 2025. Single-family construction spending rose 1.4% monthly but declined 2.9% year-over-year, while remodeling spending increased 0.4% monthly and was up 7.5% year-over-year, whereas multifamily construction spending edged down 0.3% in April but remained 1.1% higher than a year earlier.
HomebuildersEconomyU.S. National
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TreppNews
Warsh's First FOMC Meeting Signals a New Fed Playbook
At its June 2026 meeting, the Federal Reserve held the federal funds rate steady at 3.50% to 3.75% under new Chair Kevin Warsh, who signaled a shift away from forward guidance toward allowing markets to price information independently, while the Summary of Economic Projections revised near-term inflation upward to 3.6% and the funds rate path to 3.8% without changing longer-run benchmarks. For commercial real estate, the meeting implies a slower return to rate relief in the near term despite unchanged long-run policy destinations, while Warsh announced five task forces to review Fed communications, balance sheet management, data collection, productivity, and inflation frameworks by year-end.
CMBSDebt & FinancingCapital MarketsU.S. National
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Harrison StreetNews
Harrison Street Asset Management Announces Sale of Oak Brook Commons Medical Office Building in Oak Brook, Illinois
Harrison Street announced the sale of Oak Brook Commons, an 81,522 square foot Class A medical office property in Oak Brook, Illinois, as part of its healthcare real estate strategy.
HealthcareCapital MarketsU.S. NationalIllinois
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TPGNews
TPG Peppertree & Investing Behind an Increasingly Digital World
TPG and Peppertree leadership discuss digital infrastructure investment opportunities, particularly in wireless tower development and connectivity, following TPG's acquisition of Peppertree.
Data CentersAlternativesGlobalU.S. National
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Fannie MaeNews
Fannie Mae Expands U.S. Rental Housing Supply Through Nearly $74 Billion in Multifamily Loan Production Volume in 2025
Fannie Mae provided approximately $74 billion of multifamily financing in 2025, up 34 percent year over year, including more than $8.3 billion in affordable housing and $1.9 billion in manufactured housing, marking its largest annual multifamily volume since 2020.
MultifamilyAffordable HousingManufactured HousingU.S. National
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BaringsNews
Barings Targets Europe Deals With 2BN of Dry Powder
Barings outlines plans to deploy approximately 2 billion euros of equity capital into Europe's next real estate cycle, focusing on residential and logistics where fundamentals remain strong.
Capital MarketsIndustrial & LogisticsMultifamilyEuropeGlobal
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Moody's CRE / AnalyticsNews
The Office Sector's Double Whammy
Moody's reported the national office vacancy rate rising to 20.7 percent in Q2 2025, a record high for the sixth consecutive quarter, reflecting continued deterioration in space market fundamentals.
OfficeU.S. National
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CRED iQNews
CMBS Distress Rate Reaches 11% - Breaking a Streak of 3 Consecutive Reductions
CRED iQ records the CMBS distress rate climbing back to 11 percent, ending three consecutive monthly reductions as maturity pressures persist.
CMBSCapital MarketsDebt & FinancingU.S. National
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BlackstoneNews
Market Views: A Note of Optimism for 2025
Blackstone President and COO Jon Gray argues the conditions are in place for a strong dealmaking environment in 2025, including in real estate, which he sees continuing on a path of recovery alongside infrastructure investment opportunities.
Capital MarketsEconomyAlternativesGlobalU.S. National
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