News in end use

As of the last business day in April, the number of job openings and rate increased to 10.1 million (up 358,000) and 6.1%, respectively. The number of hires was little changed at 6.1 million, and the hire rate held steady at 3.9%

Real gross domestic product (GDP) climbed 0.8% higher in 2023Q1 after posting no change in 2022Q4. A combination of higher borrowing costs and slowing mortgage borrowing saw a 3.9% decline in housing investment in Q1.

According to the recently released National Association of Home Builders (NAHB) quarterly Survey on Acquisition, Development, and Construction (AD&C) Financing, while mortgage rates were stabilizing during 2023Q1, rates on AD&C continued to climb higher.

The S&P CoreLogic Case-Shiller US National Home Price NSA Index experienced a 0.7% annual gain in March, down from a 2.1% gain in February and a 3.7% gain in January. The 10-City Composite posted a 0.8% decline.

The Conference Board CCI Index declined in May to a reading of 102.3 (1985=100), down from an upwardly revised April reading of 103.7. The Present Situation Index decreased to a reading of 148.6, down from April’s reading of 151.8.

Redfin reported on Thursday that housing payments hit a new high in the week of May 22nd as mortgage rates jumped due to progress on a possible debt ceiling deal.

Personal income (PI) increased 0.4%, in April; disposable personal income (DPI) increased 0.4%; and personal consumption expenditures (PCE) increased 0.8%.

Demand in the multifamily market in 2022Q4 softened as the percentage of apartments absorbed with the first three months of completion fell to 59.0% after six consecutive quarters of being above 60.0%.

The University of Michigan released the final results of its Consumer Sentiment Index for May. The Index of Consumer Sentiment fell to a reading of 59.2 in May, down from a reading of 63.5 in April. This is a month-over-month decline of 6.8%.

The National Association of Realtors® reported its Pending Homes Sales Index (PHSI) remained unchanged from March to April, holding steady at a reading of 78.9. Year-over-year, contract signings fell 20.3%.