40% of builders’ single-family home sales so far in 2024, on average, have been made to first-time home buyers, NAHB and Wells Fargo reported.
News in end use
Canadian New Housing Price Index Unchanged in August
The New Housing Price Index was unchanged month-over-month in August. Year-over-year, the index was unchanged, following a 0.1% increase in July.
Prices Flat for Inputs to Residential Construction in August
The price of inputs to residential construction, goods, remained flat in August after increasing 0.1% in July, the BLS and NAHB reported.
Canadian Industrial Product and Raw Materials Price Indexes for August
Prices for lumber and other wood products rose 2.1%, with softwood lumber rebounding 7.7% after four consecutive monthly declines.
US Housing Payments Post Biggest Year-Over-Year Decline Since May 2020
During the four-week period ending on September 15th, the median US housing payment was $2,534, down 2.7% from a year earlier—the biggest decline since May 2020—Redfin reported.
Share of US Custom Built Homes Declined in 2023
18.8% of all new single-family homes started in 2023 were custom homes, down from 20.4% in 2022, the Census Bureau and NAHB reported.
Commercial and Multifamily Mortgage Debt Outstanding Increases Modestly in Q2
The level of commercial/multifamily mortgage debt outstanding increased $31.4 billion, or 0.7%, in Q2, MBA reported.
Fannie Mae ESR Group Forecasts Existing-Home Sales in 2024 to Be at Slowest Pace Since 1995
Existing-home sales are not expected to pick up meaningfully through the remainder of 2024, the Fannie Mae ESR Group reported.
US Existing-Home Sales Slip 2.5% in August
Total existing-home sales declined 2.5% in August to a seasonally adjusted annual rate of 3.86 million, NAR reported.
US Fixed-Rate Mortgages Continue to Decline in the Week Ending September 19th
The 30-year fixed-rate mortgage averaged 6.09%, down from last week when it averaged 6.20%, Freddie Mac reported.