Redfin reported that in May the number of homes for sale in the US declined 7.1% year-over-year to 1.4 million units on a seasonally adjusted basis. That is the lowest level in Redfin’s database, which dates back to 2012.
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Freddie Mac Releases Its Multifamily Apartment Investment Market Index for Q1
Multifamily investment increased by 5.3% in Q1 but decreased year-over-year, with the annual index down 16.6%. The Index’s quarterly increase nationwide and in all 25 markets was a sharp reversal from last quarter’s drop.
Mortgage Applications Rise in the Week Ending June 16th—The Third Consecutive Increase
According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume rose 0.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 1.0%.
Shares of Mortgage Loans in Forbearance Declined Further in May
According to the Mortgage Bankers Association, the total number of loans now in forbearance decreased 2 basis points from 0.51% of servicers’ portfolio volume in April to 0.49% as of May 31st. The MBA estimates that 245,000 homeowners remain in forbearance plans.
US Housing Starts, Permits, and Completions All Increase Month-Over-Month in May
Privately‐owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7% above the revised April estimate of 1,340,000 and 5.7% above the May 2022 rate of 1,543,000. Single-family housing starts were at a rate of 997,000; this is 18.5% above the revised April figure of 841,000.
Mortgage Applications for New Home Purchases Increased Month-Over-Month and Year-Over- Year in May
The Mortgage Bankers Association reported that mortgage applications for new home purchases in May increased 8.0% month-over-month and were up 16.6% year-over-year. This change does not include any adjustments for seasonal patterns.
US Builder Sentiment Up for Sixth Consecutive Month in June
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes increased 5 points in June to a reading of 55. This marks the sixth consecutive monthly gain.
Canadian Industrial Product Price Index and Raw Materials Price Index Both Decline in May
The prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), declined 1.0% month-over-month in May. Year-over-year, prices were 6.3% lower. This marks the largest year-over-year decline since October 2009.
Available US Homes for Sale Drop 6% Year-Over-Year in the Four-Week Period Ending June 11th
Redfin reported that the total number of US homes for sale dropped 6% year-over-year during the four weeks ending on June 11th. This marks the largest decline in 13 months.
US Building Materials Costs Continued to Decline in May
The prices of goods used in residential construction ex-energy and not seasonally adjusted declined 0.1% in May, following a 0.2% decline in April. Year-to-date, the index has gained 0.3%.