According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the week ending April 28th, the Market Composite Index decreased 1.2% on a seasonally adjusted basis from one week earlier.
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ADP® Reports Private Sector Employment Gains but Reduced Compensation in April
According to the ADP® National Employment Report™ released Wednesday, nonfarm private sector employment increased by 296,000 jobs in April, and annual pay was up 6.7% year-over-year.
The Canadian Wood Council Launches Woodworks Innovation Network in Canada
The Canadian Wood Council, an industry association committed to promoting the benefits of using wood in construction and expanding market demand for Canadian wood products, has announced the launch of Woodworks Innovation Network (WIN) in Canada, according to Canadian Forest Industries.
Job Openings and Labor Turnover Summary for March
On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary (JOLTS) for March. As of the last business day in March, the number and rate of job openings declined to 9.6 million (a loss of 384,000) and 5.8%, respectively.
US Construction Spending Rises 0.3% Month-over-Month in March
On Monday, the US Census Bureau reported that total construction spending during March was estimated at a seasonally adjusted annual rate (SAAR) of $1,834.7 billion, 0.3% above the revised February estimate of $1,829.6 billion. The March figure is 3.8% above the March 2022 estimate of $1,768.2 billion.
Home Improvements Spending Predicted to Shrink by 2024
According to the Joint Center for Housing Studies of Harvard University, annual spending on improvements and repairs to owner-occupied homes is expected to decline by early 2024. The LIRA projects that year-over-year expenditures for homeowner improvements and maintenance will post a modest 2.8% decline through 2024Q1.
New Listings of US Homes For Sale Decline 22.4% Year-Over-Year
Redfin reported on Friday that in the four-week period ending on April 23rd, new listings of homes for sale fell 22.4% nationwide from a year earlier. This is one of the largest declines since the start of the pandemic.
Mortgage Payments Increase for Third Consecutive Month in March
The Mortgage Bankers Association (MBA) reported on Thursday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability declined in March. The national median payment applied for by applicants increased 1.6% to $2,093.
Personal Income, Disposable Income, and Personal Consumption Expenditures All Up in March
The US Bureau of Economic Analysis reported on Friday that personal income (PI) increased 0.3%, in March. Disposable personal income (DPI) increased 0.4%. Personal consumption expenditures (PCE) increased less than 0.1%.
Canadian Real GDP Inches Higher in February
Statistics Canada reported Friday that real GDP inched 0.1% higher in February, following a 0.6% increase in January. Both service-producing and goods-producing industries edged up 0.1%.