News in end use

Redfin is reporting that in 22Q3, 29% of US single-family homes for sale were new construction. This is the highest share of any Q3 on record. It is up from 25% in 21Q3 and 18% in 20Q3.

On Tuesday, the Mortgage Bankers Association (MBA) reported the findings of its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the survey, commercial and multifamily mortgage loan originations declined 13% year-over-year in 2022 Q3.

The National Federation of Independent Business, one of the largest small business associations in the US, reported today their NFIB Small Business Optimism Index (SBOI) for October 2022. According to the report, the October SBOI declined 0.8 points to a reading of 91.3.

Fannie Mae today released its Home Purchase Sentiment Index® for October. The HPSI dropped 4.1 points to a reading of 56.7, its eighth consecutive monthly decline. This marks the lowest level since 2011 and well below the all-time high that was set in 2019.

According to Rentcafe.com, in the last two years apartment conversions have jumped by 25%, compared to the two years prior. This increasingly popular real estate niche has brought a total of 28,000 new rentals in 2020–21, which is well above the pre-pandemic years of 2018–19, when 22,300 were brought back to life through adaptive reuse.

The US Bureau of Labor Statistics reported today that total nonfarm payroll employment increased by 261,000 in October. Monthly job growth has averaged 407,000 thus far in 2022, compared with 562,000 per month in 2021.

Statistics Canada reported today that employment rose in Canada by 108,000, or 0.6%, in October. The increase helped to offset the losses reported from May to September. The unemployment rate held steady at 5.2%.

Statistics Canada reported that the total value of building permits in Canada declined 17.5% to $10.2 billion (CAD) in September, the largest monthly decline on record. This was the first time all survey components posted monthly decreases since September 2019.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 3rd. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.95% with an average 0.8 point, down from last week when it averaged 7.08%.

According to the Challenger, Gray & Christmas Job Cuts Report released today, US employers announced 33,843 job cuts in October. This is a 13.0% increase from the 29,989 job cuts announced in September.