The Weekly Economic & Real Estate Forecast – 07/27/15 to 07/31/15

The Windermere Economist

What I Saw Last Week

The FHFA Housing Price Index met my forecast and rose by 0.4% in May. Year-over-year, house prices were up 5.7%.

FHFA IndexThe U.S. index is now 1.8% below its March 2007 peak and at roughly the same level as seen in April of 2006. 

Puget Sound employment continues to rise with all local counties showing significant monthly and annual gains. King County employment rose by 13,700 in June (+52,800 y/y), Snohomish County added 1,100 jobs (+5,400 y/y) and Pierce County added 1,200 new positions (+13,500 y/y).

Co EmpGrowth rates remain impressive; however, we must remember that these numbers are not seasonally adjusted, so the month-over-month figures may be exaggerated. That said, the year-over-year figures are still remarkably positive. I would like to have seen Snohomish County growing its employment at a faster pace, but limited growth in the aerospace industry is acting as an anchor.

Even given the growth…

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