According to the January ADP® National Employment Report™ released today, nonfarm private sector employment increased by 106,000 jobs in January, and annual pay was up 7.3% year-over-year. The report is produced by the ADP Research Institute® in collaboration with Stanford Digital Economy Lab.
News in end use
Mortgage Applications Declined in the Week Ending January 27th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the ending January 27th, the Market Composite Index (a measure of mortgage loan application volume) declined 9.0% on a seasonally adjusted basis from one week earlier.
US Census Bureau Quarterly Residential Vacancies and Homeownership Report Released for 2022Q4
The US Census Bureau on Tuesday released its Quarterly Residential Vacancies and Homeownership report for 2022Q4. According to the report, the homeownership rate of 65.9% in 2022Q4 was little changed from the 2021Q4 rate of 65.5%. Approximately 89.9% of the housing units were occupied.
FHFA Reports US Home Prices Declined 0.1% in November but Were Up 8.2% Year-Over-Year
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (1-31-23), US home prices declined 0.1% in November when compared to October. Year-over-year, home prices rose 8.2%. The previously reported 0.0% price increase in October 2022 remained unchanged.
Canadian Real GDP Edged Higher in November; Preliminary December GDP Flat
Statistics Canada today released its real gross domestic product (GDP) report for November. According to the report, Canadian real GDP edged 0.1% higher in November, following a 0.1% uptick in October. Fourteen out of the 20 industrial sectors reported increases in November.
S&P CoreLogic Case-Shiller US Home Price Index Declined Further in November
On Tuesday, S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The Index reported that home prices experienced a 7.7% annual gain in November. The increase is down from a 9.2% annual gain in October.
The Conference Board’s Consumer Confidence Index Declines in January
The Conference Board released today its Consumer Confidence Index® (CCI) for January 2023. The CCI declined to 107.1 (1985=100) in January. This follows and upwardly revised figure of 109.0 for December. The Present Situation Index increased to a reading of 150.9 in January.
Oregon Turns to Mass Timber and Factory-Built Houses to Meet Growing Housing Shortages
Oregon is short approximately 110,000 housing units and needs to build more than a half-million additional homes over the next 20 years to keep up with demand. Some believe the answer could be a protype of an affordable housing unit made from mass timber.
Outlook for Housing Affordability Turns Sharply Negative in 2022Q4
According to the latest results from the National Association of Home Builders Housing Trends Report, home buyers’ outlook for housing affordability turned sharply negative in 2022Q4. A record high of 87% of prospective buyers reported being able to afford less than 50% of the homes for sale in their markets.
Pending Homes Sales Increase in December, Ending Six Consecutive Monthly Declines
The National Association of Realtors® reported on Friday that its Pending Homes Sales Index (PHSI) increased 2.5% month-over-month in December to a reading of 76.9. This marks the first increase in the PHSI since May 2022. Year-over-year contract signings declined 33.8%.