News in end use

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending April 14th, the Market Composite Index—a measure of mortgage loan application volume—decreased 8.8% on a seasonally adjusted basis from one week earlier.

The US Census Bureau on Tuesday reported that privately‐owned housing starts in March were at a seasonally adjusted annual rate of 1,420,000. This is 0.8% below the revised February estimate of 1,432,000 and 17.2% below the March 2022 rate of 1,716,000.

Statistics Canada reported Tuesday that the Canadian Consumer Price Index (CPI) rose 4.3% year-over-year in March, following a 5.2% increase in February. This was the smallest increase since August 2021 when it was 4.1%.

On Monday, the National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes increased 1 point in April to a reading of 45—the fourth consecutive month of gains.

Redfin reported that for the four-week period ending on Sunday, April 9th, new listings of US homes for sale dropped 25% year-over-year. This continues an eight consecutive month streak of double-digit declines of new home listings.

The National Association of Builders/Westlake Royal Remodeling Market Index (RMI) for Q1 was released on Thursday. According to the report, the RMI for Q1 edged 1 point higher from 2022Q4 to a reading of 70.

Redfin reported on Friday that the median US asking rent fell 0.4% year-over-year in March to $1,937. This is the first annual decline in asking rents since March 2020 and the lowest median asking rent in 13 months. As a comparison, rents were up 17.5% one year earlier in March 2022.

The Canadian Real Estate Association reported on Friday that home sales recorded over the Canadian MLS® Systems posted a 1.4% increase from February to March. The small increase built on an increase of the same size in February, marking the first back-to-back monthly gains in over a year.

The University of Michigan on Friday released the preliminary results of its Consumer Sentiment Index for April. The Index of Consumer Sentiment increased to 63.5 in April, up from 62.0 in March. This is a month-over-month increase of 2.4%.

A closer look into the Bureau of Labor Statistics March Producer Price Index (PPI) reveals that the price of building materials used in residential construction rose 0.3% in March (not seasonally adjusted). After declining in the last four months of 2022, the index has increased three months in a row.