MHI Announces HUD Secretary Scott Turner Will Be Keynote Speaker at 2025 Congress & Expo
U.S. Housing and Urban Development Secretary Scott Turner will provide the keynote address at the 2025 Congress & Expo in Orlando, to be held May 5-7.
Housing Price Index Increases Slightly
The S&P Dow Jones Indices on March 25 released the January 2025 results, a leading measure of U.S. home prices. It recorded a 4.1 percent annual gain in January 2025, a slight increase from the previous reading in December 2024. The 10-City Composite saw an annual increase of 5.3 percent, up from a 5.2 percent annual increase in the previous month. The 20-City Composite posted a year-over-year increase of 4.7 percent, up from a 4.5 percent increase in the previous month.
Housing Starts Up in Feb, Down in March
Housing starts increased 11.2 percent in February, the last reportable month. Starts, down 2.9 percent year-over-year, reached more than 1.5 million, beating the expected 1.385 million. “After unusually cold weather and fires held back homebuilding in January, new home construction rebounded sharply in February…topping even the most optimistic forecast from any economics group surveyed by Bloomberg,” the First Trust Advisors team of Robert Stein and Brian Wesbury stated in response. The pendulum swung back the following month, with an 11.4 percent dip in March to a 1.324 million annual rate. “U.S. homebuilding continues to whipsaw as builders deal with all sorts of headwinds, tailwinds, and crosswinds,” the First Trust team stated.
Fed Holds Steady
The Federal Open Market Committee at the March meeting voted to maintain rates at the 4.25 to 4.5 percent range, which was widely anticipated. It stated its intention to make two rate cuts this and next year.
Consumer Sentiment Slumps to Near Record Low
The University of Michigan tracks consumer sentiment, and the March reading was among the lowest in the history of the index, slumping more than 34 percent year over year to 50.8. The reading is down 6.2 since the previous month. The latest number stems from “growing worries about trade war developments that have oscillated over the course of the year.” The index show sentiment is down regardless of age, income, geography, or political affiliation.
Labor Market Remains Resilient
The U.S. Department of Labor on April 4 reported that non-farm payroll increased by 228,000 positions in March, beating the expected 140,000. The private sector rose 209,000. Education and health services were up, as was manufacturing, and government.
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