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U.S. Employers add 227,000 jobs in January – The Labor Department reported that 227,000 new jobs were added in January. It was the most workers added in four months. Experts had expected a gain of 180,000, so this was welcome news to investors and stocks rose making up losses earlier in the week. The unemployment rate was almost unchanged at 4.8%, as more workers entered the workplace. The labor participation rate, which shows the share of working-age people in the workplace increased to a 4 month high of 62.9% from 62.7%. Historically the participation rate has hovered for several years near a 30 year low showing that many people have given up looking for a job. The labor force is growing and people are reentering the workforce. That doesn’t mean that 227,000 new jobs is not a strong number, it is, but it does explain why the unemployment rate is so low and we keep adding jobs. It also may explain why wage growth has been so stubborn. Usually, when the unemployment rate drops to full employment levels we see strong wage growth. Not in this recovery. Wages in January grew just 2.7% from last January, according to the report.
U.S. Treasury Bond yields – The 10-year U.S. Treasury Bond closed the week yielding 2.49%, unchanged from 2.49% last Friday. The 30-year Treasury Bond yield closed the week at 3.11%, up from 3.06% last week. Mortgage rates follow bond yields, so we watch treasury bonds closely.
Mortgage rates – The Freddie Mac Primary Mortgage Survey released on February 2, 2017, revealed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 4.19%. The 15-year fixed average rate was 3.41%, the 5/1 ARM average rate was 3.23%.
Pending home sales show an increase – The California Association of Realtors reported that contracts signed to purchase existing (re-sale) homes in California in December rose 1.9% statewide from the number of contracts signed last December. Southern California saw the largest increase, rising 7.8% from last December. Pending sales are an indication of what future closed sales will total. If pending sales pull through to closing we see strong numbers 30 to 60
PRICES PER SF FOR SINGLE FAMILY HOUSES – 2nd SEMESTER 2016
COCONUT GROVE SOUTH
COCONUT GROVE NORTH
COCONUT GROVE CENTER
COCONUT GROVE SOUTH
SOUTH MIAMI (East OF US1)
SOUTH MIAMI (West OF US1)
PALMETTO BAY NORTH
PALMETTO BAY CENTER
PALMETTO BAY SOUTH
CORAL GABLES EXTREME NORTH (Close to 8th)
CORAL GABLES NORTH
CORAL GABLES CENTER
UNIVERSITY OF MIAMI