MetroIntelligence Economic Update by P. DUFFY
Consumer sentiment index remains low as economic uncertainty rises
Consumer Sentiment remained largely unchanged in late March at the same diminished level recorded at mid month, falling 5.4 percent from February and down 30.0 percent year-on-year. Making the situation even more difficult, policy makers need to take account of two unusual sources of economic uncertainty, one rather minor (the new covid variant), and a major source of continued economic disruption (the Russian invasion of Ukraine).
All states and D.C. saw positive job growth year-over-year in February
Year-over-year ending in February, 6.7 million jobs have been recovered, marking the economic rebound from the COVID-19 pandemic induced recession. All the states and District of Columbia added jobs compared to a year ago. The range of job gains spanned 1.1 million jobs in California to 6,700 jobs added in Alaska. In percentage terms, Nevada reported the highest increase by 9.7%, while Alabama increased by 1.7% compared to a year ago.
Condos in more demand as affordability wanes
The typical U.S. condo sold for a record $319,000 in February, up 14.6% from a year earlier and 22.7% from two years earlier, just before the pandemic began. Condos are in demand partly because they’re a comparatively affordable option amid skyrocketing home prices and rising mortgage rates. Single-family home prices hit a record $406,000 in February, up 15.9% year over year and up 34.9% from two years earlier.