Oregon is short approximately 110,000 housing units and needs to build more than a half-million additional homes over the next 20 years to keep up with demand. Some believe the answer could be a protype of an affordable housing unit made from mass timber.
According to the latest results from the National Association of Home Builders Housing Trends Report, home buyers’ outlook for housing affordability turned sharply negative in 2022Q4. A record high of 87% of prospective buyers reported being able to afford less than 50% of the homes for sale in their markets.
The National Association of Realtors® reported on Friday that its Pending Homes Sales Index (PHSI) increased 2.5% month-over-month in December to a reading of 76.9. This marks the first increase in the PHSI since May 2022. Year-over-year contract signings declined 33.8%.
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, homebuyer affordability improved in December. The national median payment applied for by applicants dropped 2.9% to $1,920 from $1,977 in November.
The University of Michigan on Friday released the final results of its Consumer Sentiment Index (CSI) for January. The Index of Consumer Sentiment rose to a reading of 64.9 in January, up from its reading of 59.7 in December. This is a month-over-month increase of 8.7%.
The US Bureau of Economic Analysis reported on Friday that according to their estimates, personal income (PI) increased $49.5 billion, or 0.2%, in December. Disposable personal income (DPI) increased $49.2 billion, or 0.3%, and personal consumption expenditures (PCE) decreased $41.6 billion, or 0.2%.
The Bureau of Economic Analysis (BEA) released today its “advance” estimate for real gross domestic product (GDP) in 2022Q4. According to the report, GDP increased at an annual rate of 2.9%. This follows a reported real GDP increase of 3.2% in 2022Q3.
On Thursday (1-26-23), the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for December were at a SAAR of 616,000, according to estimates. This is 2.3% above the revised November rate of 602,000.
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending January 26, 2023. The 30-year fixed-rate mortgage averaged 6.13%, down from last week when it averaged 6.15%. A year ago at this time, the 30-year rate averaged 3.55%.
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 186,000 during the week ending on Saturday, January 21, 2023. This is a decrease of 6,000 from the previous week’s revised level of 192,000.