Fannie Mae’s Home Purchase Sentiment Index® (HPSI) decreased by 1.2 points in May to a reading of 65.6, as affordability constraints continue to influence consumers’ perceptions of homebuying and home-selling conditions.
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Mortgage Applications Declined in the Week Ending June 2nd—The Fourth Consecutive Drop
According to data from the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 1.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12.0%.
Canadian Building Permits Decline 18.8% Month-Over-Month in April
The total monthly value of building permits in Canada declined 18.8% to $9.6 billion (CAD) in April. This is the lowest level since December 2020. On a constant dollar basis (2012=100), the total value of building permits dropped 18.5%.
US Department of Energy Launches New Initiative to Accelerate the Development of the Next Generation of Biomass Wood Heaters
The US Department of Energy’s Bioenergy Technologies Office announced it has launched a $4 million initiative that aims to accelerate wood heater innovation and support the development of the next generation of efficient and clean wood heaters, according to a report by Biomass Magazine.
Homes Sales Are Down as Market Rates Move Up and Home Prices Remain Elevated
During the 4-week period ending on May 28th, pending home sales fell 17% year-over-year, marking one of the largest declines since the start of the year.
US Home Prices in May Increased at the Slowest Rate Since 2016
According to a review of the Realtor.com® Monthly Housing Trend Report by LBM Journal, home prices increased modestly in May, but price growth slowed to the lowest rate on record since 2016. The median list price grew to $441,000 in May, up from $430,000 in April.
Pretium Partners Inks $1.5 Billion Deal to Purchase Thousands of D.R. Horton Homes
Pretium Partners has completed a transaction with the nation’s largest single-family homebuilder, D.R. Horton Inc., to acquire more than 4,000 homes, largely located in the Southeast and Southwest, for a value of approximately $1.5 billion.
US Nonfarm Payroll Increases by 339,000 in May; Unemployment Rises to 3.7%
Total nonfarm payroll employment increased by 339,000 in May. This is in line with the average monthly gain of 341,000 over the past 12 months.
US Monthly Construction Spending Increased in April
Total construction spending during April was estimated at a seasonally adjusted annual rate of $1908.4 billion, 1.2% above the revised March estimate of $1,780.9 billion.
Real Estate Investors Purchased Fewer Homes Year-Over-Year and Quarter-Over-Quarter in Q1
Redfin reported that real estate investors purchased 48.6% fewer homes year-over-year in 2023Q1, as elevated interest rates—coupled with declining rents and housing values—removed some profits.