The advance figure for seasonally adjusted initial unemployment claims was 229,000 during the week ending on May 20th. This is an increase of 4,000 from the previous week’s revised level of 225,000.
News in end use
Mortgage Applications Declined in the Week Ending May 19th
According to data from the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 4.6% on a seasonally adjusted basis from one week earlier.
Multifamily Built-For-Rent Housing Starts Remained Elevated in Q1
That the count of multifamily, for-rent housing starts remained elevated in Q1. Of the 127,000 multifamily residences that started construction, 123,000 units were being built for rental use.
US Monthly New Home Sales Up Month-Over-Month and Year-Over-Year in April
New residential single-family home sales for April were at a SAAR of 683,000, according to estimates. This is 4.1% above the revised March rate of 656,000 and 11.8% above the April 2022 estimate of 611,000.
New US Single-Family Home Sizes Are Starting to Shrink
As interest rates increased in 2022 and 2023 and housing affordability deteriorated, the demand for home size has trended lower. In Q1, the median single-family square floor areas registered at 2,261 square feet.
Canadian Industrial Product Price Index Falls in April; Raw Materials Price Index Increases
Statistics Canada reported that prices for products manufactured in Canada, as measured by the Industrial Product Price Index, declined 0.2% month-over-month in April and were 3.5% lower than April 2022.
State-Level Review of Construction Sector Employment for April
Across the 48 states which reported construction sector data (both residential and non-residential), 24 states reported an increase in April compared to March, while 24 states reported losing construction sector employment during the same period.
Lack of Inventory in Several Metro Areas Keeping Home Prices Elevated
Redfin is reporting that the median US home-sale price fell 2.7% during the four weeks ending May 14th, the smallest decline in over a month. Monthly mortgage payments hit a record high due to still-high prices and elevated mortgage rates.
Mortgage Applications for New Home Purchases Declined Month-Over-Month in April
The Mortgage Bankers Association (MBA) is reporting that mortgage applications for new home purchases decreased 11% month-over-month but were up 4.1% year-over-year.
Townhouse Construction Slowed in 2023Q1
Sata from the US Census Bureau’s Starts and Completions by Purpose and Design for Q1, with additional analysis provided by the National Association of Home Builders, shows single-family attached starts totaled 29,000 during Q1.