United States
Chart: U.S. Home Price Growth Over 50 Years
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Chart: U.S. Home Price Growth Over 50 Years
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U.S. home prices grew significantly in 2022, even as interest rates climbed higher.
Yet in inflation-adjusted terms, this growth rate was far lower. By Q4 2022, it fell to being flat year-on-year, making it the slowest real growth seen in a decade.
The above graphic compares nominal and real residential property price growth over 50 years based on the latest data from the Bank for International Settlements (BIS).
Nominal vs. Real Home Price Growth
In 2022, opposing forces of rising mortgage rates and a narrow supply of housing produced a moderate nominal growth rate of just over 7% as of Q4 2022. That said, real price growth dropped to 0% over the period.
Here’s how that looks in context of the recent highs and lows of housing price growth:
| Nominal Home Price Growth Year-over-Year | Real Home Price Growth Year-over-Year |
|
|---|---|---|
| Q4 2022 | 7.1% | 0.0% |
| Peak | 19.5% (Q1 2022) | 12.9% (Q2 2005) |
| Low | -16.9% (Q4 2008) | -19.5% (Q3 2008) |
Recent Highs: During the pandemic, growth hit almost a 20% year-over-year rate by Q1 2022, which was record home price growth at the time. It was driven by ultra-low interest rates and remote work leading people to seek out more space.
Recent Lows: In both real and nominal terms, home price growth sank to their lowest levels in 2008. The property market crashed after a wave of easing lending requirements. This flooded the market with an oversupply of houses as subprime homeowners couldn’t afford to make payments, leading prices to plummet.
Factors Influencing Home Price Growth
Today, a mix of factors are supporting nominal house prices.
First, the housing supply remains low. Total existing inventory stood at 1 million in April, under half the four-decade average. As interest rates have increased, homeowners have been hesitant to sell and the number of mortgage applications has fallen. In turn, this is pushing prices higher.
In fact, the majority of primary mortgages have interest rates locked in under 4%. As of May 4, the average 30-year fixed mortgage rate stood much higher, at 6.4%.
Along with this, new home sales are falling.
After hitting a 15-year peak in 2021, sales sank almost 27% year-over-year in April. New home sales are often considered a leading indicator for the residential market.
Wider Implications
The U.S. residential market is valued at about $45 trillion, and has historically been highly sensitive to interest rates.
While the rapid increase in interest rates haven’t yet had a major impact on housing prices, some cracks are beginning to show.
On the other hand, if prices remain stubborn, it may contribute to inflationary pressures, leading the Federal Reserve to continue with rate increases, given the market’s sheer size and influence on the overall U.S. economy.
Markets
Visualizing the Most Sought-After Entry Level Jobs in 2023
Some jobs need a degree, while others don’t. Here are the top 20 most sought-after entry level jobs with and without a degree.
The Most Sought-After Entry Level Jobs of 2023
In the fast-paced realm of job hunting, staying ahead of the curve is crucial. And if you are an entry-level job applicant, the pressure is a notch higher.
New entrants in any job market today compete with groundbreaking technology like ChatGPT in addition to their peers. In the United States, these applicants have to also wade through an uncertain labor market, inflation, and long lists of job requirements.
Indeed.com has identified the most sought-after entry level positions for applicants both with and without a degree in the U.S., and the year-on-year growth of these job postings.
Most Sought-After Entry-Level Jobs With a Degree
As the U.S. job market recovers from its pandemic slump, some careers are now booming. This in turn has opened up numerous opportunities for entry-level job applicants.
| Rank | Job Title | Average Annual Salary | Change in Postings (2022‒2023) |
|---|---|---|---|
| 1 | Outside Sales Representative | $60,000 | +258% |
| 2 | Transportation Coordinator | $47,500 | +227% |
| 3 | Quality Auditor | $84,500 | +131% |
| 4 | Accounting | $52,000 | +125% |
| 5 | Tax Preparer | $67,500 | +123% |
| 6 | Loan Processor | $55,000 | +100% |
| 7 | Retention Specialist | $50,000 | +100% |
| 8 | Network Operations Technician | $85,500 | +94% |
| 9 | Mental Health Manager | $42,000 | +93% |
| 10 | Speech-Language Pathologist | $60,000 | +84% |
| 11 | Geotechnical Engineer | $65,000 | +80% |
| 12 | Patient Access Manager | $90,000 | +77% |
| 13 | HR Coordinator | $67,500 | +75% |
| 14 | Lead Generation Specialist | $62,500 | +73% |
| 15 | Design Coordinator | $55,000 | +73% |
| 16 | Pharmaceutical Sales Representative | $74,378 | +71% |
| 17 | Behavioral Therapist | $50,000 | +68% |
| 18 | Special Events Coordinator | $54,000 | +67% |
| 19 | IT Engineer | $92,500 | +67% |
| 20 | Structural Engineer | $90,000 | +63% |
The demand for sales jobs multiplied this year as customer-facing businesses slowly returned to their pre-pandemic levels.
At the top of this list is the job for an Outside Sales Representative. Paying upwards of $60,000, postings for this job have grown by over 250% in a year, making it the most sought-after position for applicants with a degree.
The healthcare industry has secured its place in the top ranks too. Careers including mental health case managers, speech pathologists, behavioral therapists, and patient access managers dominate the Top 20 list.
Let’s not forget about the tech sector. While entry-level network technicians can earn upwards of $85,000 on average, while IT engineers are paid an entry package of over $90,000.
Most Sought-After Entry-Level Jobs Without a Degree
Nearly 65% of the U.S. working population does not have a four-year degree. However, millions of these workers continue to be highly skilled across professions and have a shot at some of the most sought-after entry level jobs in the country.
| Rank | Job Title | Average Annual Salary | Change in Postings (2022‒2023) |
|---|---|---|---|
| 1 | Inventory Manager | $59,000 | +189% |
| 2 | Auto Body Technician | $82,500 | +100% |
| 3 | Environmental Health and Safety Specialist | $65,000 | +100% |
| 4 | Salon Manager | $41,000 | +95% |
| 5 | Drafting Technician | $50,000 | +94% |
| 6 | Business Analyst | $72,500 | +82% |
| 7 | Sheet Metal Mechanic | $62,140 | +67% |
| 8 | Aircraft Maintenance Technician | $57,500 | +64% |
| 9 | Catering Manager | $47,500 | +56% |
| 10 | Transportation/Logistics Coordinator | $62,500 | +53% |
| 11 | Route Sales Representative | $50,000 | +51% |
| 12 | Rental Agent | $45,520 | +50% |
| 13 | Distribution Center Coordinator | $52,500 | +47% |
| 14 | General Maintenance Technician | $40,650 | +46% |
| 15 | Patient Care Coordinator | $43,152 | +44% |
| 16 | Forestry Technician | $45,760 | +43% |
| 17 | Relationship Banker | $43,576 | +43% |
| 18 | Field Sales Representative | $57,018 | +42% |
| 19 | Park Ranger | $45,912 | +42% |
| 20 | Warehouse Receiver | $45,000 | +39% |
One example of this job is that of an Inventory Manager. The demand for skilled inventory managers in warehouses and companies post-pandemic has doubled the position’s job share in a year.
One of the highest paying non-degree jobs in this list—Auto Body Technician—can fetch highly-skilled entry-level workers a salary of $82,000 per year.
These jobs don’t seem to require a degree according to Indeed. However, the rising competition for these positions might give the upper edge to applicants with one, especially for jobs on the list such as Business Analyst and Relationship Banker.
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