10/8: MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

Initial unemployment claims dip 38,000 to 326,000

In the week ending October 2, initial unemployment claims were 326,000, a decrease of 38,000 from the previous week’s revised level. Continued claims during the week ending September 25 were 2,714,000, a decrease of 97,000 from the previous week’s revised level. The total number of continued weeks claimed for benefits in all programs for the week ending September 18 was 4,172,943, a decrease of 854,638 from the previous week.

2Q GDP growth ranged from 1.8 percent in Alaska to 9.7 percent in Nevada

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the second quarter of 2021 compared to the first quarter of 2021. According to the U.S. Bureau of Economic Analysis (BEA), the percent change increase in real GDP ranged from 9.7 percent in Nevada to 1.8 percent in Alaska.

Average mortgage payment for homebuyers rose $50 over last six weeks

The average homebuyer’s monthly mortgage payment rose $50 over the last six weeks as sellers’ median asking price increased 12% year over year to a new record-high and mortgage rates surpassed 3%. Despite rapidly declining affordability, many homes are still selling very quickly—nearly half find a buyer within 2 weeks. Although homes are still selling for about 1% above asking price on average, the share of listings with price drops is increasing, suggesting that price increases may be easing just slightly.