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NAR Chief Economist Comments on March Jobs Report

NAR Chief Economist Lawrence Yun commented on March hiring and unemployment figures, released this morning by the Labor Department. A total of 196,000 jobs were added last month, exceeding the goal of 170,000 jobs set by many economists. This marked the 102nd straight month of job gains.

“The job market is quite remarkable as more job creations and wage gains are adding to the pent-up demand for housing. The many new job holders are seeking the starter home, but unfortunately, there is a grossly inadequate supply of moderately priced homes. While most industries are experiencing a new high in total jobs in their sectors, the construction industry is still not back to its prior peak. The latest 16,000 net new construction jobs in March and 246,000 over the past 12 months are a welcoming trend. However, given the housing shortage, more workers are needed for homebuilding. There are around 300,000 job openings in the construction sector that are yet to be filled. Only from increased home construction will the housing market advance in a healthy way of home prices not rising faster than wage gains.”

NAR commends Senators Cotton, Duckworth for Work on Behalf of the RLI

Today, the National Association of Realtors(R), along with REALTORS(R) Land Institute President Jeramy Stephens, commended Senators Tom Cotton and Tammy Duckworth for their introduction of S.Res. 115, which recognizes the RLI as it celebrates its 75-year anniversary this month.

The resolution, a full text of which can be found here, acknowledges the RLI for its contributions to helping serve land owners, users and Realtors(R) throughout the United States and Canad since 1944.

NAR thanks the Senators for their recognition of this critical entity, and America’s Realtors(R) look forward to continuing our work with Congress to ensure the RLI remains central in the effort to preserve and protect private property rights across the U.S.

Instant reaction: NAR’s Lawrence Yun on Case-Shiller

The following is NAR Chief Economist Lawrence Yun’s reaction to this morning’s S&P/Case-Shiller release on November home prices:

“The softening home price appreciation in the latest Case-Shiller index will continue in the upcoming months as housing inventory builds. But it is unlikely for the national median home price to actually decline given the housing shortage of moderately priced homes and from job additions in the economy.  In 2019, home prices in many markets look to trail income growth for the first time since 2012. That is a healthy development of keeping housing affordability in check.”

Cheri Elliott, Broker-Associate
Century 21 Select Real Estate
4601 Post Street
El Dorado Hills, CA 95762
Direct: 916-939-7762
Text: 916-812-0382
Email: elliott-c@sbcglobal.net
DRE#01320399

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Cheri Elliott | 916-939-7762 | Contact Cheri
4601 Post Street - El Dorado Hills, CA 95762
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