Analysis provided by the National Association of Home Builders (NAHB) shows that during 2022Q4, residential construction loan volume reached a post-Great Recession high, as home building activity and new home sales remained below trend.
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Private Residential Construction Spending Declined for Eighth Consecutive Month in January
A closer look at the US Census Bureau’s Construction Spending report released on Wednesday, with additional analysis provided by the National Association of Home Builders, reveals that spending on private residential construction declined 0.6% in January. Single-family home construction declined 1.7%.
Fixed Mortgage Rates Climb Higher for Fourth Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending March 2nd. The 30-year fixed-rate mortgage averaged 6.65%, up from last week when it averaged 6.50%. A year ago at this time, the 30-year rate averaged 3.76%.
Weekly Jobless Claims Decrease in the Week Ending February 25th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 190,000 during the week ending on Saturday, February 25th. This is a decrease of 2,000 from the previous week’s unrevised level of 192,000. The 4-week moving average was 193,000.
US Construction Spending in January
On Wednesday, the US Census Bureau reported that total construction spending during January was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1% below the revised December estimate of $1,827.5 billion. The January figure is 5.7% above the January 2022 estimate of $1,726.6 billion.
Mortgage Applications Decline in the Week Ending February 24th
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending February 24th, the Market Composite Index (a measure of mortgage loan application volume) decreased 5.7% on a seasonally adjusted basis from one week earlier.
Federal Housing Finance Agency’s House Price Index Increased at an Annual Rate of 8.4% in 2022Q4
The Federal Housing Finance Agency reported today its House Price Index for December, as well as all of 2022Q4. Seasonally adjusted home prices in December were down 0.1% from November.
S&P CoreLogic Case-Shiller US Home Price Index Declined Again in December
On Tuesday, S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller US National Home Price NSA Index for December. Home prices experienced a 5.8% annual gain in December, down from a 7.6% annual gain in November.
The Conference Board’s Consumer Confidence Index Declines for Second Consecutive Month in February
The Conference Board released today its Consumer Confidence Index® for February. The CCI declined to 102.9 (1985=100), down from a revised reading of 106.0 in January.
Canadian Real GDP Declines in December
Statistics Canada reported today that Canadian real GDP declined 0.1% in December, following a 0.1% increase in November. Goods-producing industries fell 0.6%, while service-producing industries remained unchanged.