MetroIntelligence Economic Update by P. DUFFY
Service sector index registers new all-time high of 66.7 percent in October
In October, the Services PMI registered another all-time high of 66.7 percent, 4.8 percentage points above September’s reading of 61.9 percent. This figure exceeds the former all-time high of 64.1 percent in July. However, ongoing challenges — including supply chain disruptions and shortages of labor and materials — are constraining capacity and impacting overall business conditions.
Purchase loan applications fall 2 percent from previous week and 9 percent year-on-year
The Market Composite Index for mortgage applications decreased 3.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 2 percent (and down 9 percent year-on-year) and refinance activity falling 4 percent (and down 33 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages decreased to 3.24 percent from 3.30 percent
PwC’s Co-Chair of “Emerging Trends in Real Estate” for 2022 concludes ‘industry nirvana’ for investors
What kinds of tailwinds and headwinds should we expect for real estate in 2022 and beyond? It greatly depends on the asset class! Check out this 30-minute Zoom interview (link in comments) with Byron Carlock, who heads PwC’s U.S. real estate practice and also helped oversee the annual Emerging Trends 2022 report with the ULI.