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.
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US Housing Affordability Improved in Q1 but Still Trails Year-Over-Year Levels
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.
Fixed Mortgage Rates Inch Lower in the Week Ending June 8th
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending June 8th. The 30-year fixed-rate mortgage averaged 6.71%, down from last week when it averaged 6.79%.
US Weekly Jobless Claims Increase in the Week Ending June 3rd
The advance figure for seasonally adjusted initial unemployment claims was 261,000 during the week ending on Saturday, June 3rd. This is an increase of 28,000 from the previous week’s revised level of 233,000.
Following Solid Gains in April, Fannie Mae’s Home Purchasing Sentiment Index® Declines in May
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.
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.