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.
News in end use
Acquisition, Development, and Construction Financing Costs Climbed Higher 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.
S&P CoreLogic Case-Shiller US Home Price Index Posts Annual Gain in March
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’s Consumer Confidence Index Declines in May
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.
Mortgage Rates Jump as Potential Debt Ceiling Deal Comes Into Focus
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, Disposable Income, and Personal Consumption Expenditures All Up in April
Personal income (PI) increased 0.4%, in April; disposable personal income (DPI) increased 0.4%; and personal consumption expenditures (PCE) increased 0.8%.
Apartment Absorption Rate Weakened in 2022Q4
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%.
University of Michigan Reports Final Results of Its Consumer Sentiment Index for May
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%.
US Pending Homes Sales Increase in 3 Out of 4 Regions in April
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%.
Mortgage Payments Grow in April, Marking Fourth Consecutive Increase and New Record High
The Mortgage Bankers Association reported that the national median payment applied for by applicants increased 0.9% to $2,112 from $2,093 in March.