MetroIntelligence Economic Update by P. DUFFY
February personal income rises more than spending, personal savings rise
In February, personal income increased 0.5 percent, disposable personal income (DPI) increased 0.4 percent and personal consumption expenditures (PCE) increased 0.2 percent, leading to a rebound in the personal savings rate to 6.3 percent.
Inflation tracker PCE Price Index up 0.6 percent in February and 6.4 percent year-on-year
The PCE price index increased 0.6 percent in February and was up 6.4 percent year-on-year. Energy prices increased 25.7 percent while food prices increased 8.0 percent. Excluding food and energy, the PCE price index increased 0.4 percent in February, and rose 5.4 percent year-on-year.
March home list prices rise 26.5 percent from 2 years ago, while active listings fall 62.3 percent
Home prices nationwide have just broken yet another record, with the national median listing price soaring to $405,000 for the first time ever. This price is up 13.5% compared with this time last year—and up a whopping 26.5% compared with March 2020, when COVID-19 was officially declared a pandemic. Meanwhile, the number of active listings nationwide in March was down 18.9% from a year earlier—and down a whopping 62.3% from two years ago. That means that for every five homes that were for sale in March 2020, today there are just two.