Key Rental Housing Data Release Summary for May 2024

Looking for a place where all the key rental housing data releases from the month are summarized in one place? You found it!

Monthly Releases: Economic Indicators

Consumer Price Index

Bureau of Labor Statistics | Press Release | May 15, 2024

Headline: CPI report shows inflation easing in April (CNBC)

Key Takeaways:

• The index excluding Food & Energy (“Core Inflation”) increased 3.6% over the last 12 months ending in April, down from 3.8% in the 12 months ending in March.
• The All Item CPI increased 3.4% for the 12 months ending in April, down from the 3.5% increase for the 12 months ending in March.
• Core inflation was at its lowest reading since April 2021.

Small Business Optimism Index

National Federation of Independent Business | Report | May 14, 2024

Key Takeaways:

• The Small Business Optimism Index increased 1.2 points in April to 89.7, the first increase of 2024.
• The difficulty in filling open positions is particularly acute in the transportation, construction, and wholesale sectors – job openings in construction were up 11 points from last month (NFIB)
• An analysis of the factors driving inflation in the small business sector identified compensation gains as the major driver of price increases (NFIB).

Employment Situation Summary

Bureau of Labor Statistics | Press Release | May 3, 2024

Headline: U.S. job growth totaled 175,000 in April, much less than expected (CNBC)

Key Takeaways:

• Total nonfarm payroll employment increased by 175,000 in April – well below the 240,000 estimate, after increasing 315,000 in March.
• The unemployment rate ticked up slightly to 3.9% in April from 3.8% in March. 
• The government added just 8,000 jobs after adding an average of 55,000 jobs over the previous 12 months.

Consumer Sentiment

University of Michigan | Press Release | May 29, 2024

Key Takeaways per Joanne Hsu, Survey Director: 

• Consumer sentiment saw a significant MoM decrease of -10% in May, after three months of very little change.
• Consumers expressed particular concern over labor markets – they expect unemployment rates to rise and income growth to slow.
• Sentiment remains almost 20% above a year ago and about 40% above the all-time historic low in June 2022.

Consumer Spending

Bureau of Economic Analysis | Press Release | May 31, 2024

Headline: April PCE inflation not too hot, or cool (Reuters)

Key Takeaways

• Core PCE Index, excluding food and energy:
  • +0.2% MoM (March: +0.3% MoM)
  • +2.8% YoY (March: +2.8% YoY ) << this is a key metric tracked by the Fed 
• The Overall PCE Price Index increased 0.3% MoM and increased 2.7% YoY, the same increases as last month.
• “U.S. inflation tracked sideways in April… suggesting the elevated pace of price increases could last longer than expected and casts doubt on how soon it will be able to cut interest rates.” (Reuters)

Monthly Releases: Housing and SFR Data

Single-Family Rent Index

CoreLogic | Press Release | May 21, 2024

Key Takeaways:

• U.S. single-family rents held steady in March with an annual increase of 3.4%, the same as the annual increase in February
• Attached rental prices declined by -0.6% YoY, the largest such drop recorded in 14 years

Case-Shiller Home Price Index

S&P CoreLogic | Press Release | May 28, 2024

Key Takeaways:

• The National Price Index reported a 6.5% annual change in March, the same annual increase as February.
• “On a seasonally adjusted basis, national home prices have reached their ninth all-time high within the past year, with all 20 metropolitan markets posting positive annual gains for the fourth consecutive month.” (Brian Luke, S&P DJI)
• San Diego (11.1%) posted the highest annual gain, followed by New York (9.2%) and Cleveland (8.8%).

April Rental Report

Realtor.com | Press Release | May 22, 2024

Key Takeaways:

• April marks the ninth month of YoY rent decline in a row for 0-2 bedroom properties at -0.7%.

• “While the year-over-year change in market asking rents has been negative since last August, the decline appears to have bottomed out in February (-1.3%) and has begun to slow down since then.” (Realtor.com)

• Asking rents in Austin, Las Vegas, and San Francisco are all down around -10% from their peak in 2022.

• Asking rents in Milwaukee ($1,671, +3.8% YoY), Indianapolis ($1,334, +4.5% YoY), and Minneapolis ($1,529, +2.5% YoY) all reached record highs in April. 

New Residential Construction

HUD | Press Release | May 16, 2024

Key Takeaways: 

• Permits for single family units are up 14% YoY compared to April 2023, while permits for multi-family units are down -18%.
• Starts for single family units have increased 25% YTD vs. YTD last year, while starts for multi-family units are down -37% in that time period.
• Completions for single family units are up 15% MoM.

New Residential Sales

HUD | Press Release | May 23, 2024

Key Takeaways:

• New Home Sales fell -5% MoM in April on a seasonally adjusted basis, after increasing 5% MoM in March. 
• New Home Sales YTD have increased at least 15% in the Northeast, Midwest, and West regions, while the South region has seen a -9.5% decrease in New Home Sales compared to YTD last year.
• Months’ Supply of New Homes increased 7% MoM in April on a seasonally adjusted basis.

Existing Home Sales

NAR | Press Release | May 22, 2024

Key Takeaways:

• Existing home sales decreased -1.9% MoM in April, after falling -4.3% MoM in March.
• First-time homebuyers accounted for 33% of existing home sales in April, up from 32% in March and the highest percentage since January 2021.
• Housing supply is up 9% MoM in April and 20% YoY.

Pending Home Sales Index

NAR | Press Release | May 30, 2024

Key Takeaways:

• Pending home sales decreased 7.7% in April, after increasing 3.4% MoM in March.
• All four U.S. regions registered month-over-month and year-over-year decreases.