Redfin reported on Tuesday that the median asking rent climbed 7.4% year-over-year in November to $2,007. This is the smallest increase in 15 months and the sixth-consecutive month in which annual rent growth slowed.
News in end use
Ontario and Canada Investing in Clean Energy Products Using Forest Biomass
The governments of Ontario and Canada jointly announced on Tuesday that they are investing $11.3 million (CAD) to expand CHAR Technologies’ facility in Thorold, Ontario, to produce renewable natural gas (RNG) and biocarbon. The move will create the largest facility of its kind in Canada.
Prices of Building Materials Decline for Third Consecutive Month in November
A closer look at the Bureau of Labor Statistics November 2022 Producer Price Index (PPI) report reveals that the prices of building materials declined 0.3% in November (not seasonally adjusted). The index has declined five out of the past six months for the first time since 2015.
Supply of Homes For Sale Sets Record Increase of 15% in 4-Week Period Ending December 4th
Redfin reported on Thursday that during the four-week period ending December 4th, the total number of homes for sale in the US increased by 15% year-over-year. This is the largest increase since at least 2015.
Mortgage Credit Availability Rises in November—First Increase in Nine Months
According to the Mortgage Bankers Association’s Mortgage Credit Availability Index, which analyzes data from ICE Mortgage Technology, mortgage credit availability rose by 1.4% in November. This marks the first increase in nine months.
Producer Price Index for Final Demand Up 0.3% in November—7.4% Year-Over-Year
The Bureau of Labor Statistics reported that the Producer Price Index for final demand, seasonally adjusted, increased 0.3% in November. On an unadjusted basis, the index for final demand advanced 7.4% for the 12 months ending in November.
University of Michigan Preliminary Consumer Sentiment Index Increases for December
The University of Michigan has released the preliminary results of its Consumer Sentiment Index for December. The Index of Consumer Sentiment rose to a reading of 59.1 in December, up from 56.8 in November. This is a month-over-month increase of 4.0% but down 16.3% year-over-year.
Custom Home Market Share Modestly Declines
Data from the US Census Bureau’s Survey of Construction, with additional analysis provided by the National Association of Home Builders, reveals that custom homes accounted for 17.6% of new single-family homes started in 2022. This share is down slightly from 17.8% recorded in 2021.
Fixed Mortgage Rates Decline for Fourth Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending December 8, 2022. The 30-year fixed-rate mortgage averaged 6.33%, down from last week when it averaged 6.49%.
US Jobless Claims Increase for the Week Ending December 3rd
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 230,000 during the week ending on Saturday, December 3, 2022. This is an increase of 4,000 from the previous week’s revised level of 226,000 (originally reported as 225,000).