Conditions for custom home builders remains relatively flat after a period slight softening of market share due to declining mortgage rates, the Census Bureau and NAHB reported.
News in end use
Canadian New Housing Price Index Declines 0.4% in October; Largest Monthly Drop Since 2009
The New Housing Price Index fell 0.4% in October, the largest monthly decline since April 2009. However, the picture was mixed across the country.
University of Michigan Reports the Final Results of Its Consumer Sentiment Index for November
The University of Michigan’s Index of Consumer Sentiment increased 1.8% month-over-month and 17.1% year-over-year.
US Existing-Home Sales Increase 3.4% in October
Existing-home sales increased 3.4% to a seasonally adjusted annual rate of 3.96 million in October, NAR reported. Sales also posted the first year-over-year gain since July 2021.
Canadian Industrial Product and Raw Materials Price Indices for October
Prices for lumber and other wood products increased 1.3%, marking the third consecutive monthly gain.
Fannie Mae ESR Group Revises Its Housing Market Outlook for 2025
The ESR Group now expects existing-home sales to increase only 4.0% next year from a 2024 pace that is on track for a nearly 30-year low.
US Mortgage Rates Resume Upward Trek in the Week Ending November 21st
The 30-year fixed-rate mortgage averaged 6.84%, up from last week when it averaged 6.78%, MBA reported.
US Weekly Initial Jobless Claims Decline in the Week Ending November 16th
The advance figure for seasonally adjusted initial unemployment claims was 213,000, a decrease of 6,000 from the previous week’s revised level.
Typical Family Needs to Spend 38% of Income on House Payments, Cost of Housing Index Shows
A family earning a median income needed 38% of their income to cover the mortgage payment on a median-priced new home in Q3, NAHB and Wells Fargo reported.
The Conference Board’s US Leading Economic Index Edges Lower in October
The Conference Board Leading Economic Index (LEI) declined 0.4% to a reading of 99.5 (2016=100) in October, following a 0.3% decline in September (revised up from a 0.5% decline).