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.
News in end use
Mortgage Applications Increase for Third Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending March 17th, the Market Composite Index increased 3.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3.0%.
Existing Home Sales Up 14.7% Month-Over-Month but Down 22.6% Year-Over-Year in February
The National Association of Realtors® (NAR) reported that total existing home sales—which are completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 14.5% month-over-month increase in February to a seasonally adjusted rate of 4.58 million homes.
Canadian Consumer Price Index Up 5.2% Year-Over-Year in February
Statistics Canada reported Tuesday that the Canadian Consumer Price Index (CPI) rose 5.2% year-over-year in February, following a 5.9% increase in January. This marks the largest deceleration in the headline CPI since April 2020. The deceleration in February was due to a base-year effect.
US Commercial and Multifamily Mortgage Debt Outstanding Grew 7.7% in 2022Q4
The Mortgage Bankers Association on Tuesday released its latest quarterly Commercial/Multifamily Mortgage Debt Outstanding report. The level of commercial/multifamily mortgage debt outstanding at the end of 2022 was $324 billion, or 7.7%, higher than at the end of 2021.
State Job Openings and Labor Turnover Survey Released for January
On Tuesday, the US Bureau of Labor Statistics released it State Job Openings and Labor Turnover report for January. In January, job openings rates declined in 13 states and the District of Columbia, increased in 3 states, and were little changed in 34 states.
Shares of Mortgage Loans in Forbearance Declined to 0.60% in February
According to the new monthly Mortgage Bankers Association Loan Monitoring Survey, the total number of loans now in forbearance decreased 4 basis points from 0.64% of servicers’ portfolio volume in January to 0.60% as of February 28th.
FEA’s Paul Jannke Expects a Decline in Lumber Consumption in 2023, but Anticipates Prices to Largely Hold
According to reporting by Lancaster Farming, in a webinar presented by Farm Credit East, Paul Jannke, a Principal at FEA, said, “In 2023 we’re looking at a 7% decline lumber consumption in North America, which equates to about 4 billion board feet.”
National Association of Home Builders Releases 2023 “Priced-Out” Estimates
The National Association of Home Builders priced-out estimates for 2023 reveal that approximately 96.5 million US households are not able to afford a median-priced new home. An additional 140,436 households would be priced out of the new home market if prices were to go up by only $1,000.
Existing Home Prices Fell 1.2% in February—The First Annual Decline Since 2012
Redfin reported on Friday that the median US home price fell 1.2% in February, marking the first year-over-year decline since 2012. Home purchases continued to level off after a sharp pullback in 2022H2. New listings were at their lowest level on record aside from the start of the pandemic.