The Canadian Consumer Price Index (CPI) increased 2.8% year-over-year in June, following a 3.4% increase in May. Excluding gasoline, headline inflation would have been 4.0% in June, following a 4.4% increase in May.
News in end use
Fannie Mae’s Home Price Index Increases in Q2
According to Fannie Mae’s latest Home Price Index, single-family home prices increased 3.0% year-over-year in Q2. This is down from Q1’s revised annual growth rate of 4.9%. On a quarterly basis, home prices rose a seasonally adjusted 1.9% in Q2.
Canadian Real Estate Association Reports Homes Sales Increased 1.5% Month-Over-Month in June
The Canadian Real Estate Association reported that home sales recorded over the Canadian MLS® System posted a 1.5% increase month-over-month in June. This is a smaller increase than in April and May.
US Home Foreclosure Rates Jump in First Half of 2023
ATTOM released its Mid-Year 2023 US Foreclosure Market Report. The report shows that there was a total of 185,580 US properties with foreclosure filings in the first half of 2023. That figure is 13.0% above the same period a year ago.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for July
The Index of Consumer Sentiment rose to a reading of 72.6 in July, up from 64.4 in June. This is a month-over-month increase of 12.7% and up 41.0% year-over-year (51.5 in July 2022).
US Building Materials Costs in Residential Construction Fell in June
The prices of good used in residential construction, including energy, have decreased 3.6% over the past 12-months—the largest 12-month decline since October 2009.
US Median Home-Sale Price Increases for the First Time in Nearly Five Months, Redfin Reports
Redfin reported that the median US home-sale price increased 1.5% year-over-year during the four weeks ending July 9th. This marks the first increase in home-sale prices in nearly five months.
Associated Builders and Contractors Backlog Indicator Held Steady in June, but Contractor Confidence Diminished
The Associated Builders and Contractors Construction Backlog Indicator held steady at 8.9 months in June. The reading is also unchanged from June 2022.
Remodeling Market Outlook Declines Slightly in Q2
The National Association of Home Builders (NAHB) and Westlake Royal Remodeling Market Index report edged slightly lower in Q2, down 2 points from Q1 to a reading of 68. However, even after the modest decrease, the RMI remains in positive territory.
Fixed Mortgage Rates Continued to Climb Higher in the Week Ending July 13th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 13th. The 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.81%. A year ago at this time, the 30-year rate averaged 5.51%.