News in end use

The prices of goods used in residential construction, excluding energy, increased 0.2% in July, not seasonally adjusted, according to the Bureau of Labor Statistics June Producer Price Index and the NAHB.

The construction industry added a net 19,000 jobs in July, according to analysis by the Associated Builders and Contractors of US Bureau of Labor Statistics nonfarm payroll data.

Redfin reported that the total worth of US homes hit a new record high of $46.8 trillion in June. This overtakes the prior all-time high of $46.6 trillion set a year earlier.

The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.3% in July, after remaining unchanged in June and declining 0.3% in May.

The University of Michigan Index of Consumer Sentiment declined to a reading of 71.2 in August, down from 71.6 in July. This is a month-over-month decline of 0.6% but up 22.3% year-over-year.

According to the NAHB/Wells Fargo Housing Opportunity Index, 40.5% of new and existing homes sold in Q2 were affordable to families earning the US median income of $96,300.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.90%. A year ago at this time, the 30-year rate averaged 5.22%.

The delinquency rate for mortgage loans on one-to-four units residential properties decreased to a seasonally adjusted rate of 3.37% of all loans outstanding, according to the Mortgage Bankers Association.

Redfin reported that the median US asking rent was $2,038 in July, just $16 below the record high set in August 2022.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2% in July on a seasonally adjusted basis. Over the past 12 months, the all-item index has increased 3.2% before seasonal adjustment.