News in end use

Buying a house in the US requires a significantly larger portion of a homebuyer’s income, making this the most unaffordable housing market since 1984, by one measure, CNN Business reported.

The Index of Consumer Sentiment declined to a reading of 69.5 in August, down from 71.6 in July, the University of Michigan reported.

The 30-year fixed-rate mortgage averaged 7.23%, up from last week when it averaged 7.09%, according to a survey by Freddie Mac.

The Mortgage Bankers Association reported that the national median payment applied for by purchase applicants remained at $2,162.

The advance figure for seasonally adjusted initial claims was 230,000 during the week ending August 19th, a decrease of 10,000 from the previous week.

New residential single-family home sales for July were at a seasonally adjusted annual rate (SAAR) of 714,000, 4.4% above the revised June rate of 684,000.

According to the Mortgage Bankers Association, mortgage loan application volume decreased 4.2% on a seasonally adjusted basis from one week earlier.

Zillow reported that according to its 2023 Consumer Housing Trends Report, first-time buyers now make up 50% of all home buyers, up from 45% in 2022 and 37% in 2021.

The count of multifamily, for-rent housing starts remained elevated in 2023Q2, according to the US Census Bureau and National Association of Home Builders.

Existing-home sales (completed transactions) recorded a 2.2% month-over-month decline to a seasonally adjusted rate of 4.07 million homes in July, according to the National Association of Realtors.