News in end use

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.

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 (PI) increased 0.4%, in April; disposable personal income (DPI) increased 0.4%; and personal consumption expenditures (PCE) increased 0.8%.

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%.

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%.

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%.

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.

The Bureau of Economic Analysis released Thursday its “second” estimate for Q1 real GDP. According to the report, GDP increased at an annual rate of 1.3%. This follows a reported increase of 2.6% in 2022Q4.

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending May 25th. The 30-year fixed-rate mortgage averaged 6.57%, up from last week when it averaged 6.39%.

The advance figure for seasonally adjusted initial unemployment claims was 229,000 during the week ending on May 20th. This is an increase of 4,000 from the previous week’s revised level of 225,000.