News in end use

According to the Mortgage Bankers Association, mortgage loan application volume decreased 0.8% on a seasonally adjusted basis from one week earlier. Unadjusted, the index decreased 2.0%.

Single-family built-for-rent construction has cooled as investor interest has pulled back on tighter financial conditions, according to the US Census Bureau and the National Association of Home Builders.

Almost 60% of metro markets—or 128 out of 221—registered home price gains in 2023Q2, according to the latest quarterly report from the National Association of Realtors®.

Home sales recorded over Canadian MLS® Systems posted a 0.7% month-over-month decline in July, according to the Canadian Real Estate Association.

The National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes declined 6 points in August to a reading of 50.

Commercial and multifamily originations were 53% lower in 2023Q2 compared to 2022Q2, according to a survey by the Mortgage Bankers Association.

StatCan reported that the Consumer Price Index (CPI) grew 3.3% year-over-year in July. The increase in the CPI was mainly attributed to a base-year effect in gasoline prices.

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.