Associated Builders and Contractors is reporting that its Construction Backlog Indicator grew to 9.2 months in February. That reading is 1.2 months higher than in February 2022. The Southern region continues to post the highest backlogs of any region.
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Americans Continue to Spend More on Rent… More Than They Can Afford
According to the latest Rental Report from Realtor.com, rent was less affordable in February compared to a year ago. Renters earning the typical household income spent 25.3% of their income on rent. February was the seventh consecutive month with a single-digit year-over-year increase.
Canadian Natural Resources Real GDP Declined in 2022Q4
Statistics Canada reported on Thursday that real gross domestic product (GDP) of the natural resources sector declined 1.9% in 2022Q4, after increasing 1.5% in 2022Q3. In contrast, the economy-wide real GDP was unchanged in 2022Q4.
Mortgage Payments Increase for Second Consecutive Month in February
The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index (PAPI) homebuyer affordability declined in February, as the national median payment applied for by applicants increased 4.9% to $2,061.
US Homebuyer’s Typical Down Payment Declined 10% Year-Over-Year in January
Redfin reported on Wednesday that the typical US homebuyer’s down payment declined 10% year-over-year in January to $42,375, its lowest level in nearly two years. Redfin notes that median down payment was down 35% from the peak reached in June 2022.
US Rents Remained Flat in February
Yardi Matrix is reporting that multifamily rents in February remained unchanged from January at an average of $1,702 US asking rent. Year-over-year growth is 4.8%, the lowest level in nearly two years.
US New Residential Home Sales Rise 1.1% Month-Over-Month in February
On Thursday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for February were at a SAAR of 640,000, according to estimates. This is 1.1% above the revised January rate of 633,000.
Fixed Mortgage Rates Decline for Second Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 23rd. The 30-year fixed-rate mortgage averaged 6.42%, down from last week when it averaged 6.60%. The 15-year fixed-rate mortgage averaged 5.68%.
US Weekly Jobless Claims Decrease in the Week Ending March 18th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 191,000 during the week ending on Saturday, March 18th. This is a decrease of 1,000 from the previous week’s unrevised level of 192,000.
Canadian National New Home Price Index Declines Month-Over-Month in February
Statistics Canada reported today that the Canadian National New House Price Index declined 0.2% month-over-month in February. This follows a similar decrease in January. The index has retreated in five of the past six months.