News in end use

Zillow® on Monday released its market report for May. According to the report, typical US home values increased by 1.4% from April to May, the strongest monthly price growth since June 2022. The typical home value is $346,856—up 0.9% year-over-year.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index report, which analyzes data from the ICE Mortgage Technology, mortgage credit availability decreased in May. The MCAI fell by 3.1% to a reading of 96.5.

The Consumer Price Index for All Urban Consumers increased 0.1% in May on a seasonally adjusted basis, after increasing 0.4 in April and 0.1% in March. Over the past 12 months, the all-item index has increased 4.0% before seasonal adjustment.

The National Federation of Independent Business reported on Tuesday its NFIB Small Business Optimism Index (SBOI) for May increased 0.4 points to a reading of 89.4. This marks the seventeenth consecutive month that the SBOI has been below the 49-year average reading of 98.

Redfin reported that US median asking rents fell 0.6% year-over-year to $1,995 in May, the largest annual decline since March 2020. That compares to a near-record increase of 16.5% a year ago.

ATTOM released on Thursday its May US Foreclosure Market Report. The report shows 35,196 properties with foreclosure filings—default notices, scheduled auctions, or bank repossessions—in May. That is up 7% month-over-month.

Consumer credit outstanding grew at a seasonally adjusted annual rate of 5.7% in April. Revolving and nonrevolving credit grew at a seasonally adjusted annual rate of 13.1% and 3.2%, respectively.

The Bank of Canada on Wednesday announced it was raising its benchmark interest rate to 4.75%, CBC reported. It is the first time that Canada’s central bank has raised its trend-setting interest rate since January.

Overall employment in Canada was down slightly in May, declining by 17,000, or 0.1%. The report noted that employment growth has moderated in recent months, and monthly increases have averaged 33,000 from February to April.

According to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index, substantial nominal wage gains (unadjusted for inflation) coupled with lower mortgage rates and home prices helped to boost housing affordability in 2023Q1.