MetroIntelligence Economic Update by P. DUFFY
October U.S. economic output index rises to 57.3, signaling fastest growth in 3 months
The IHS Markit Flash U.S. Composite PMI Output Index posted 57.3 in October, rising from 55.0 in September to signal the fastest uplift in activity for three months and one that was sharp overall. Stronger growth was driven by the services sector, which registered the quickest rate of expansion since July.
Zillow: Annual price growth up 18.4 percent in September, but growth slowing
Annual growth in home values set another record high of 18.4% in September, but a closer look at the data reveals that the modest slowdown in growth that began late in the summer continued into early fall, giving buyers slightly more selection and a bit more time to breathe. The median home sale went pending in 9 days, one day longer than in August. Inventory was up just 0.4% from August, a smaller monthly gain than the previous four months, and remains almost 20% lower than this time in 2020.
3Q Housing Trends Report shows share of prospective first-time buyers rising to 65 percent
After hitting a low of 10% in the first quarter of 2020, the share of adults planning a home purchase within a year rose for five consecutive quarters, peaking at 17% in the second quarter of 2021. The desire for homeownership cooled off in the third quarter, when the share slid back to 16%. Meanwhile, the share of prospective buyers who are purchasing a home for the first time increased for a fourth consecutive quarter, up to 65%. A year earlier, the share was 56%.