Changing up the format a bit, with many important housing and economic releases over the past two weeks, we’ve distilled the most crucial information for you. Below, you’ll find a curated list of the most impactful releases along with their key takeaways.

June Multifamily Asking Rents Mostly Unchanged Year-over-Year

  • Rent prices ticked up for the fifth straight month, but
  • Rent growth over the course of 2024 as a whole remains modest, signaling ongoing sluggishness in the market.
  • The national median rent increased by 0.4% in June and now stands at $1,411
  • Year-over-year rent growth nationally currently stands at -0.7 percent and has now been in negative territory since last summer
  • In May 2024, the U.S. median rent continued to decline year over year for the 10th month in a row, down 0.7% for 0-2 bedroom properties across the top 50 metrosApartment List National Rent Report

Q2 Multifamily Vacancy Rate Unchanged, Office Vacancy at New All Time High

  • National multifamily vacancy rate held flat at 5.7%
  • The office sector set a new vacancy record at 20.1%, up from 19.8% in the prior quarter and breaking the 20% barrier for the first time in historyMoody’s: Q2 2024 Preliminary Trend Announcement

Construction Spending Decreased 0.1% in May

June Employment: 206 thousand Jobs, 4.1% Unemployment Rate

  • Total nonfarm payroll employment increased by 206,000 in June
  • Compared with the revised 218,000 in May
  • Unemployment rate changed little at 4.1 percent
  • Job gains occurred in government, health care, social assistance, and construction
  • April and May were both revised employment in April and May combined is 111,000 lower than previously reportedBLS: Employment Situation Summary

Realtor.com Reports Active Inventory Up 38.1% YoY

PCE Housing Inflation Slows to 5.5% YoY in May

The annual increase in CPI Shelter slowed to 5.4% in May, down from 5.5% in April and significantly lower than its peak of 8.2% in March 2023.

Similarly, Housing (PCE) saw a 5.5% year-over-year rise in May, easing from 5.6% in April and down from its highest point of 8.3% in April 2023. With asking rents largely stable compared to last year, these housing-related inflation measures are expected to keep gradually decrease further in the coming months.

Key inflation indicators are currently slightly above the Fed’s target when measured on a 3-month annualized basis. It’s worth noting that PCE prices, particularly in January, may be affected by some residual seasonality in the first quarter. The recent release shows:

  • PCE Price Index: 2.4% (3-month annualized)
  • Core PCE Prices: 2.7%
  • Core PCE excluding Housing: 2.2%