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Bank of America WeeklyWrapTM

Week of May 1, 2017

 
 

Economic snapshot

Current economic growth compared to last year

This chart gives a quick look at current economic conditions compared to where we've been in the last 30 years. Employment growth is slightly lower than one year ago but is well above its 30-year average. This is consistent with the higher-than-average job gains over the past year. Inflation is higher than one year ago and its 30-year average, which keeps pressure off of already low interest rates.


Economic indicator 30-year minimum
month-over-month change
30-year maximum
month-over-month change
2/2016
month-over-month change
2/2017
month-over-month change
Employment growth -0.617% 0.479% 0.165% 0.150%
Consumer spending growth -1.323% 2.770% 0.202% 0.056%
Inflation -1.131% 0.967% -0.075% 0.130%

The table above illustrates that consumer spending growth rose only a small amount in February but is still lower than one year ago. While this is likely the result of seasonality, it may also reflect other factors, including consumer decisions to save rather than spend.


Source data: Bureau of Labor Statistics & Bureau of Economic Analysis
Data date: 03/28/2017

Housing prices by state: 2017 vs. 2022

2017 median housing prices
2022 median housing prices

The maps above illustrate the housing prices for 2017 and the projected housing prices by state for 2022. Median home selling prices are currently over $400,000 in three markets: California, Hawaii and Washington, D.C. By January 2022, Massachusetts and New Jersey are expected to join this group as well.


State Median selling price 2017
Alabama $125,000
Alaska $269,500
Arizona $215,000
Arkansas $133,750
California $405,000
Colorado $302,911
Connecticut $215,000
Delaware $198,500
District of Columbia $504,975
Florida $185,000
Georgia $159,900
Hawaii $494,100
Idaho $208,550
Illinois $170,000
Indiana $139,103
Iowa $140,000
Kansas $187,392
Kentucky $135,000
Louisiana $141,500
Maine $176,768
Maryland $226,500
Massachusetts $350,000
Michigan $110,000
Minnesota $179,900
Mississippi $173,375
Missouri $137,500
State Median selling price 2017
Montana $241,875
Nebraska $140,550
Nevada $225,000
New Hampshire $229,000
New Jersey $310,000
New Mexico $199,500
New York $247,000
North Carolina $167,500
North Dakota $226,742
Ohio $98,250
Oklahoma $111,250
Oregon $274,000
Pennsylvania $145,000
Rhode Island $210,000
South Carolina $167,000
South Dakota No data
Tennessee $135,000
Texas $212,975
Utah $264,799
Vermont $177,500
Virginia $235,000
Washington $290,000
West Virginia $94,000
Wisconsin $131,000
Wyoming $225,426
State Median selling price 2022
Alabama $156,107
Alaska $358,684
Arizona $282,761
Arkansas $166,725
California $621,850
Colorado $396,827
Connecticut $290,056
Delaware $249,612
District of Columbia $619,807
Florida $247,758
Georgia $199,070
Hawaii $677,193
Idaho $274,010
Illinois $215,765
Indiana $177,792
Iowa $176,069
Kansas $236,456
Kentucky $166,982
Louisiana $166,658
Maine $246,027
Maryland $282,604
Massachusetts $467,362
Michigan $147,530
Minnesota $218,492
Mississippi $204,241
Missouri $174,831
State Median selling price 2022
Montana $318,225
Nebraska $175,175
Nevada $325,650
New Hampshire $316,227
New Jersey $405,985
New Mexico $261,118
New York $321,777
North Carolina $209,158
North Dakota $269,577
Ohio $123,874
Oklahoma $133,892
Oregon $371,331
Pennsylvania $184,125
Rhode Island $262,673
South Carolina $212,078
South Dakota No data
Tennessee $161,321
Texas $248,429
Utah $349,225
Vermont $237,081
Virginia $294,564
Washington $384,770
West Virginia $118,143
Wisconsin $162,170
Wyoming $286,127


These tables provide the median selling price for each state in 2017 and the projected median selling price in 2022. Twenty-seven states currently have home prices lower than $200,000. That number is forecast to drop to 16 states by 2022. California is expected to have the highest home appreciation rate — 9% — and will see its average price rise from $405,000 to $621,850 by January 2022.


Source data: CoreLogic®
Data date: 03/25/2017

 

 

#TomFerryShow episode 111:
Building a team with Heather Sittig Jackson

Tom Ferry
Tom Ferry is the CEO and Founder of Tom Ferry — Your Coach, the nation's fastest growing real estate coaching organization in North America.footnote 1 Watch this week's Tip of the Week video for resources and strategies to help drive your business to new levels.

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footnote 1The 2013 Inc. 5,000 List, Inc. Magazine, 2013.
 

 

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