INVESTUSCA / RESEARCH / MACRO

U.S. real estate macro context, with the date and source in view.

Use national housing, rent, mortgage, supply, and employment indicators to frame a property question before moving into a city profile or a property-level model.

02 / NATIONAL HOUSING PULSE

Read the national pulse before you test the property.

Official housing and economic data give the property question a starting context—not a forecast.

FRED-only snapshot·23/23 live·Snapshot Sep 19, 2026

Housing market

4 indicators

National home price index

336.66

06/01/2026index+1.23 pts vs prior observation

S&P CoreLogic Case-Shiller U.S. National Home Price Index, a repeat-sales index of U.S. single-family home prices.

FRED · CSUSHPINSA · CSUSHPINSA

FHFA house price index

719.87

04/01/2026index+7.67 pts vs prior observation

FHFA all-transactions house price index for the United States; it tracks repeated home-price movements and is not an address-level appraisal.

FRED · USSTHPI · USSTHPI

Existing home sales

3,980,000

08/01/2026units, SAAR-80,000 vs prior observation

Existing single-family homes, condos, and co-ops sold at a seasonally adjusted annual rate; it is a transaction-volume signal, not a price forecast.

FRED · EXHOSLUSM495S · EXHOSLUSM495S

Housing affordability index

104.7

08/01/2026index+1.9 pts vs prior observation

National Association of Realtors fixed-rate housing affordability index; values reflect the relationship between a representative family's income and the income needed to qualify for a mortgage.

FRED · FIXHAI · FIXHAI

Rent & occupancy

4 indicators

Rent CPI

449.32

08/01/2026index+0.78 pts vs prior observation

Consumer Price Index for rent of primary residence; an inflation index, not a market asking-rent estimate.

FRED · CUSR0000SEHA · CUSR0000SEHA

Shelter CPI

430.23

08/01/2026index+1.13 pts vs prior observation

Consumer Price Index for shelter in U.S. city average; a broad housing-cost inflation signal, not a market asking-rent estimate.

FRED · CUSR0000SAH1 · CUSR0000SAH1

Owners' equivalent rent

443.71

08/01/2026index+0.83 pts vs prior observation

Consumer Price Index for owners' equivalent rent of residences; an imputed housing-cost index, not a cash rent or property valuation.

FRED · CUSR0000SEHC · CUSR0000SEHC

Rental vacancy rate

7.3%

04/01/2026%0 pp vs prior observation

Rental vacancy rate for the United States published through FRED; a national quarterly context signal, not a current submarket vacancy rate.

FRED · RRVRUSQ156N · RRVRUSQ156N

Rates & household finance

4 indicators

30-year mortgage rate

6.95%

09/17/2026%+0.19 pp vs prior observation

Freddie Mac Primary Mortgage Market Survey average rate for a 30-year fixed-rate mortgage.

FRED · MORTGAGE30US · MORTGAGE30US

15-year mortgage rate

6.26%

09/17/2026%+0.17 pp vs prior observation

Freddie Mac Primary Mortgage Market Survey average rate for a 15-year fixed-rate mortgage; a financing context signal, not a personalized quote.

FRED · MORTGAGE15US · MORTGAGE15US

Effective federal funds rate

3.63%

08/01/2026%0 pp vs prior observation

Effective federal funds rate, the overnight interbank rate context that influences broader financing conditions.

FRED · FEDFUNDS · FEDFUNDS

Household debt service ratio

11.16%

01/01/2026%-0.16 pp vs prior observation

Required household debt payments as a share of disposable personal income; a broad household balance-sheet pressure indicator.

FRED · TDSP · TDSP

Supply & construction

6 indicators

Months of housing supply

9.6

07/01/2026value+1.1 vs prior observation

New houses for sale measured as months of supply at the current sales pace; it is a national supply signal, not an address-level inventory count.

FRED · MSACSR · MSACSR

Existing-home inventory

1,620,000

08/01/2026active listings+50,000 vs prior observation

Existing homes listed as active inventory or pending sales, reported as a not-seasonally-adjusted national count.

FRED · HOSINVUSM495N · HOSINVUSM495N

Building permits

1,394

08/01/2026thousand units, SAAR-39 vs prior observation

New privately owned housing units authorized by building permits, shown as a seasonally adjusted annual rate in thousands of units.

FRED · PERMIT · PERMIT

Housing starts

1,275

08/01/2026thousand units, SAAR-34 vs prior observation

New privately owned housing units started, shown as a seasonally adjusted annual rate in thousands of units.

FRED · HOUST · HOUST

Single-family starts

918

08/01/2026thousand units, SAAR+65 vs prior observation

New privately owned one-unit housing starts, shown as a seasonally adjusted annual rate in thousands of units.

FRED · HOUST1F · HOUST1F

5+ unit starts

344

08/01/2026thousand units, SAAR-100 vs prior observation

New privately owned housing starts in buildings with five or more units, shown as a seasonally adjusted annual rate in thousands of units.

FRED · HOUST5F · HOUST5F

Employment & economy

5 indicators

U.S. unemployment rate

4.1%

08/01/2026%0 pp vs prior observation

National civilian unemployment rate from the Bureau of Labor Statistics series published through FRED.

FRED · UNRATE · UNRATE

Nonfarm payroll employment

159,075

08/01/2026thousand jobs+162 vs prior observation

Total nonfarm payroll employment, reported in thousands of jobs; it is a broad labor-demand context indicator.

FRED · PAYEMS · PAYEMS

Labor force participation

61.6%

08/01/2026%+0.2 pp vs prior observation

Civilian labor force participation rate for the U.S. population age 16 and over.

FRED · CIVPART · CIVPART

Consumer sentiment

55.2

07/01/2026index+5.7 vs prior observation

University of Michigan consumer sentiment index; it captures household attitudes and is not a housing-demand measure by itself.

FRED · UMCSENT · UMCSENT

Real gross domestic product

24,270

04/01/2026billions, chained 2017 dollars+89.19 vs prior observation

Inflation-adjusted value of goods and services produced in the United States, reported at a seasonally adjusted annual rate.

FRED · GDPC1 · GDPC1

NATIONAL TREND

Prices, sales & affordability

latest
336.7

National home price indexS&P CoreLogic Case-Shiller U.S. National Home Price Index, a repeat-sales index of U.S. single-family home prices.336.7260.3183.9
09/01/2016118 observations06/01/2026

S&P CoreLogic Case-Shiller U.S. National Home Price Index, a repeat-sales index of U.S. single-family home prices.

Source: Federal Reserve Bank of St. Louis · FRED · CSUSHPINSA

NATIONAL TREND

Rates & household finance

latest
7%

30-year mortgage rateFreddie Mac Primary Mortgage Market Survey average rate for a 30-year fixed-rate mortgage.7.8%5.2%2.6%
09/22/2016522 observations09/17/2026

Freddie Mac Primary Mortgage Market Survey average rate for a 30-year fixed-rate mortgage.

Source: Federal Reserve Bank of St. Louis · FRED · MORTGAGE30US

NATIONAL TREND

Inventory & new supply

latest
9.6

Months of housing supplyNew houses for sale measured as months of supply at the current sales pace; it is a national supply signal, not an address-level inventory count.10.36.83.3
09/01/2016119 observations07/01/2026

New houses for sale measured as months of supply at the current sales pace; it is a national supply signal, not an address-level inventory count.

Source: Federal Reserve Bank of St. Louis · FRED · MSACSR

NATIONAL TREND

Rent inflation

latest
449.3

Rent CPIConsumer Price Index for rent of primary residence; an inflation index, not a market asking-rent estimate.449.3374.2299
09/01/2016119 observations08/01/2026

Consumer Price Index for rent of primary residence; an inflation index, not a market asking-rent estimate.

Source: Federal Reserve Bank of St. Louis · FRED · CUSR0000SEHA

NATIONAL TREND

Jobs, confidence & output

latest
4.1%

U.S. unemployment rateNational civilian unemployment rate from the Bureau of Labor Statistics series published through FRED.14.8%9.1%3.4%
09/01/2016119 observations08/01/2026

National civilian unemployment rate from the Bureau of Labor Statistics series published through FRED.

Source: Federal Reserve Bank of St. Louis · FRED · UNRATE

Context only—not investment, tax, legal, lending, or real-estate advice.

FRED series keep their own published frequencies; the indicators are shown together for context, not combined into a single score.