News in end use

The National Association of Realtors® Pending Homes Sales Index increased 0.9% month-over-month in July to a reading of 77.6. Year-over-year, contract signing declined 14.0%.

Mortgage loan application volume increased 2.3% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.

Real GDP increased at an annual rate of 2.1% in Q2, according to the Bureau of Economic Analysis’ “second” estimate. This follows a real GDP increase of 2.0% in Q1.

Nonfarm private sector employment increased by 177,000 jobs in August and annual pay was up 5.9% year-over-year, according to the ADP® National Employment Report™.

The Federal Housing Finance Agency’s (FHFA) House Price Index increased 3.0% between 2022Q2 and 2023Q2. Prices were up 1.7% compared to 2023Q1.

The S&P CoreLogic Case-Shiller US National Home Price NSA Index shows all 20 major metro markets reported month-over-month increases in June.

The Conference Board’s Consumer Confidence Index® declined in August to a reading of 106.1 (1985=100), down from a revised (lower) July reading of 114.0.

As of the last business day in July, the number of job openings declined 338,000 to 8.8 million while the rate declined to 5.3% from 5.8%.

Wood framing remained the most dominate construction method for single-family homes in the US in 2022, according to the US Census Bureau and NAHB.

In July, pending home sales rose 0.7% month-over-month on a seasonally adjusted basis to the highest level since the start of 2023, Redfin reported.