News in end use

According to a review of the Realtor.com® Monthly Housing Trend Report by LBM Journal, home prices increased modestly in May, but price growth slowed to the lowest rate on record since 2016. The median list price grew to $441,000 in May, up from $430,000 in April.

Pretium Partners has completed a transaction with the nation’s largest single-family homebuilder, D.R. Horton Inc., to acquire more than 4,000 homes, largely located in the Southeast and Southwest, for a value of approximately $1.5 billion.

Total nonfarm payroll employment increased by 339,000 in May. This is in line with the average monthly gain of 341,000 over the past 12 months.

Total construction spending during April was estimated at a seasonally adjusted annual rate of $1908.4 billion, 1.2% above the revised March estimate of $1,780.9 billion.

Redfin reported that real estate investors purchased 48.6% fewer homes year-over-year in 2023Q1, as elevated interest rates—coupled with declining rents and housing values—removed some profits.

The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.57%. The 15-year fixed-rate mortgage averaged 6.18%, up from last week when it averaged 5.97%.

According to the ADP® National Employment Report™, nonfarm private sector employment increased by 278,000 jobs in May, and annual pay was up 6.5% year-over-year.

According to the Challenger, Gray & Christmas, Inc. Job Cuts Report, US-based employers announced 80,089 job cuts in May, a 20% increase from the 66,995 job cuts reported in April. Year-over-year, cuts were 287% higher.

The advance figure for seasonally adjusted initial unemployment claims was 232,000 during the week ending on Saturday, May 27th. This is an increase of 2,000 from the previous week’s revised level of 230,000.

According to the Mortgage Bankers Association’s Market Composite Index, mortgage loan application volume declined 3.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.0%.