According to the Mortgage Bankers Association, mortgage loan application volume decreased 4.2% on a seasonally adjusted basis from one week earlier.
News in end use
First-Time Homebuyers Currently Make Up 50% of All Buyers
Zillow reported that according to its 2023 Consumer Housing Trends Report, first-time buyers now make up 50% of all home buyers, up from 45% in 2022 and 37% in 2021.
Multifamily Built-For-Rent Housing Starts Remain Elevated in Q2
The count of multifamily, for-rent housing starts remained elevated in 2023Q2, according to the US Census Bureau and National Association of Home Builders.
US Existing-Home Sales Decline in July
Existing-home sales (completed transactions) recorded a 2.2% month-over-month decline to a seasonally adjusted rate of 4.07 million homes in July, according to the National Association of Realtors.
Share of Mortgage Loans in Forbearance Declines Further in July
The total number of loans in forbearance as of July 31st decreased 5 basis points to 0.39% of servicers’ portfolio volume, down from 0.44 in June, according to the Mortgage Bankers Association.
US Newly Built Home Sales Accounted for Nearly One-Third of All Single-Family Sales in Q2
Redfin reported that in Q2, newly built homes made up nearly one-third (31.4%) of single-family homes on the market. That is the highest share of any second quarter on record.
Canadian New Home Price Index Declines Month-Over-Month in July
The Canadian New Home Price Index declined 0.1% month-over-month in July, following two months of growth. The NHPI measures changes over time in the selling prices of new residential houses.
State-Level Analysis of Construction Sector Employment for July
Across the 48 states which reported construction sector jobs data (both residential and non-residential construction) 26 states reported month-over-month employment gains in July, while 21 states lost construction sector jobs.
Canadian Investment in Building Construction Declines in June and Q2
Overall investment in building construction declined 3.1% to $18.0 (CAD) in June. Residential construction investment declined 4.5% to $12.1 billion.
Canadian Industrial Product and Raw Materials Price Indexes Post Monthly Gains in July
In July, prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased 0.4% month-over-month but declined 2.7% year-over-year.