Housing Market Update and Economic News: March 7, 2025

At Thompson Kane, we stay ahead of shifting market trends so you don’t have to. Here’s a look at this week’s key housing and economic updates.

Housing Market Update

• Single-family home construction spending edged up. January saw a 0.6% increase in spending on single-family home construction, while overall residential investment—including multifamily and renovations—dipped by 0.4%.
• Apartment construction reached historic levels in 2023. Nearly 600,000 multifamily units were completed last year, marking a record-breaking surge, according to U.S. Census data.
• Lower mortgage rates sparked a demand surge. As rates declined, mortgage applications spiked by 20% last week, marking the first significant increase in three weeks.

Economic Trends

• The latest Beige Book reflects a mixed job market. The Federal Reserve’s recent report indicated a slight uptick in economic activity since mid-January, though employment trends varied by region.
• Jobless claims dropped more than expected. Fewer people applied for unemployment benefits last week, suggesting the labor market remained stable through February.
• Private sector hiring fell short of projections. ADP reported that private employers added only 77,000 jobs in January—significantly below the anticipated 148,000.

Keeping you up-to-date with the constantly changing housing market

At Thompson Kane, we understand the importance of staying ahead in a rapidly changing market. Our goal is to equip you with the latest insights to help you make informed decisions. The right insight will help you confidently navigate your business and financial endeavors. For more frequent updates, follow the Thompson Kane Newsfeed and connect with us on Facebook for bi-weekly news and valuable content. Your success is our priority, and we’re here to keep you informed every step of the way.

“In the business world, the rearview mirror is always clearer than the windshield.”
– Warren Buffett

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