News in end use

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.

The Bureau of Labor Statistics reported Thursday that the Producer Price Index (PPI) for final demand, seasonally adjusted, decreased 0.5% in March. On an unadjusted basis, the index for final demand advanced 2.7% for the twelve-month period ending in March.

According to the Mortgage Bankers Association 2022 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation, total commercial real estate mortgage borrowing and lending equaled $816 billion in 2022. This is down 8% from the record $891 billion in 2021.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending April 13th. The 30-year fixed-rate mortgage averaged 6.27%, down from last week when it averaged 6.28%. A year ago at this time, the 30-year rate averaged 5.00%.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 239,000 during the week ending on Saturday, April 8th. This is an increase of 11,000 from the previous week’s unrevised level of 228,000.

Statistics Canada reported Wednesday that investment in building construction rose 1.0% to $20.6 billion (CAD) in February, with all sectors posting gains. Investment in residential building construction climbed 1.1% to $15.0 billion.

The Associated Builders and Contractors reported on Tuesday that its Construction Backlog Indicator declined to 8.7 months in March. However, the reading is 0.4 months higher than a year ago. The backlog is now at its lowest level since August 2022.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey for the ending April 7th, the Market Composite Index—a measure of mortgage loan application volume—increased 5.3% on a seasonally adjusted basis from one week earlier.