While national employment growth has been tepid in recent years relative to typical economic recoveries, some markets have done very well. Roughly a third of markets covered by NAR have outperformed the national average over this time period. You can find out how your market performed in the 4th quarter 2013 Local Market Reports.
- The U.S. experienced employment growth of 3.47% between December of 2012 and December of 2013.
- 30.2% of markets in this sample outperformed the US average, while 87.2% experienced positive employment growth.
- Of the top 10 markets, four were in Florida and two in Texas.
The Mortgage Bankers Association released its weekly applications report this morning which showed a continued decline in purchase applications. This trend reflects the weight of higher mortgage rates, weather and new regulatory changes.
- Seasonally adjusted applications to purchase homes fell 3.5% in the week of February 21st compared to the prior week. The purchase index is roughly 14.9% lower than the same time in 2013. This week’s moderation follows last week’s 6.3% slide and is the fourth consecutive decline in the total purchase index.