News in end use

The national vacancy rates in Q2 were 6.3% for rental housing and 0.7% for homeowner housing. Year-over-year, the Q2 rental vacancy rate of 6.3% was higher than the 5.6% rate in 2022Q2.

According to the Mortgage Bankers Association, mortgage loan application volume decreased 3.0% on a seasonally adjusted basis from one week earlier.

The construction labor market experienced little change in the number of job openings in June. The count of open construction jobs declined to 374,000.

Nonfarm private sector employment increased by 324,000 jobs in July and annual pay was up 6.2% year-over-year, according to the ADP® National Employment Report™.

Total construction spending during June was estimated at a seasonally adjusted annual rate (SAAR) of $1,938.4 billion, 0.5% above the revised May estimate of $1,929.6 billion.

Redfin reported that a first-time homebuyers must earn approximately $64,500 per year to afford a typical US “starter” home. Year-over-year, the earning level is up 13%, or $7,200.

The Mortgage Bankers Association reported that 2,242 different multifamily lenders provided a total of $480.1 billion in new mortgages for apartment buildings with five or more units.

As of the last business day in June, the number of job openings and rate was little changed at 9.6 million and the rate was unchanged at 5.8%.

According to the Canadian Building Construction Price Index, residential building construction costs increased 1.9% in Q2, following a 1.8% increase in Q1. Non-residential building construction increased 1.5% in Q2, following a 1.7% increase in Q1.

The Mortgage Bankers Association reported that homebuyer affordability improved 0.1% in June. The national median payment applied for by applicants declined to $2,162 from $2,165 in May but up from $2,112 in April 2023.