Greenway's Markets in a Minute I Home Prices Are Growing
Consumer confidence hit a one-year high in March, supporting optimism for labor market improvements and accelerated economic growth in the coming months. |
Private payrolls rose by 517,000 in March according to ADP, the fastest pace since September. Hospitality led the way, with the battered sector adding 169,000 new workers. |
The most recent 4-week average for jobless claims fell to its lowest level since March 2020, though new claims came in slightly higher than expected. |
Home prices continue to accelerate at an alarming pace, up 11.2% year-over-year in January, according to Case-Shiller. That is the largest annual gain in nearly 15 years. |
February home sales fell 0.5% below last year's level, though pending home sales fell more than 10% compared with January, as record low supply stifles the housing market. |
Construction spending was down slightly in February, likely hurt by an unusually harsh cold snap this winter. Spending was still up 5.3% over February 2020. |