Turnover in the housing market declined to historically low levels earlier in the year, and has only just begun to rise off those lows despite the turnaround in the price cycle. Turnover fell to the lowest it has been as a share of the housing stock in more than three decades (Graph 5).
Current Economic Situation and Outlook Economic activity expanded at a robust 5 1/2 percent pace last year, reflecting progress on vaccinations and the reopening of the economy, fiscal and monetary policy support, and the healthy financial positions of households and businesses.