News in end use

Redfin reported that during the four-week period ending on July 23rd, the typical US home sold for approximately $382,000. This is up 2.6% year-over-year and is the largest increase since November 2022.

Real GDP increased at an annual rate of 2.4% in 2023Q2, according to the “advance” estimate released on Thursday by the Bureau of Economic Analysis. This follows a real GDP increase of 2.0% in 2023Q1.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 27th. The 30-year fixed-rate mortgage averaged 6.81%, up from last week when it averaged 6.78%.

The advance figure for seasonally adjusted initial unemployment claims was 221,000 during the week ending on Saturday, July 22nd. This is a decrease of 7,000 from the previous week’s unrevised level of 228,000.

New residential single-family home sales for June were at a SAAR of 697,000, according to estimates. This is 2.5% below the revised May rate of 715,000 but 23.8% above the June 2022 estimate of 563,000.

The share of buyers looking to buy new construction increased from 20% in 2022Q4 to 25% in 2023Q2, according to the latest Housing Trends Report by the National Association of Home Builders.

According to the Mortgage Bankers Association, mortgage loan application volume decreased 1.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.5%.

The Federal Housing Finance Agency reported Tuesday its House Price Index (HPI®) for May rose 0.7%, seasonally adjusted, between April and May. Year-over-year, house prices rose 2.8%.

The S&P CoreLogic Case-Shiller US National Home Price NSA Index for May shows all 20 major metro markets reported month-over-month price increases—the third consecutive month of growth.

The Conference Board released Tuesday its Consumer Confidence Index® (CCI) for July. The CCI increased to a reading of 117.0 in July (1985=100), up from a reading of 110.1 in June.