On Tuesday, the S&P CoreLogic Case-Shiller National Home Price NSA Index was released for August. Home prices experienced a 13.0% annual gain in August, down from July’s 15.8% annual gain. This is the fifth consecutive monthly decline.
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Repair and Remodeling Activity Predicted to Slow Substantially in 2023
According to the Harvard University Joint Center of Housing Studies’ latest Leading Indicator of Remodeling Activity (LIRA), which was released on Thursday, projected year-over-year growth in repair and remodeling activity will decline from 16.1% in 2022 to 6.5% by 2023Q3.
Home Sales and Listings Both Declined at a Record Pace in September
Redfin reports that home sales and listings of homes for sale both declined in September at a record pace. The number of homes sold dropped 25% year-over-year, while new listings declined 22%—the largest declines since May and April of 2020.
Canada’s Industrial Product Price Index and Raw Materials Price Index Both Increase in September
Statistics Canada on Wednesday reported that in September the prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), increased month-over-month by 0.1%. Year-over-year the IPPI was 9% higher.
Canadian Housing Starts Hit Their Highest Level Since November 2021
The Canadian Mortgage and Housing Corporation reported on Tuesday that September’s standalone monthly seasonally adjusted annual rate of total housing starts for all areas in Canada was at its highest level since November 2021, coming in at 299,589 units.
US Leading Economic Index® Declined in September, The Conference Board Reports
The Conference Board released today the Leading Economic Index® (LEI) for the US in September 2022. According to the report, the LEI for the US declined 0.4% in September. The LEI has dropped 2.8% over the six-month period from March to September 2022.
Existing Home Sales Decline Month-Over-Month and Year-Over-Year in September
The National Association of Realtors® (NAR) reported on Thursday (10-20-22) that total existing home sales recorded a 1.5% decline in September from August to a seasonally adjusted rate at 4.71 million homes—the eighth consecutive monthly decline.
Mortgage Rates Continue to Push Higher in the Week Ending October 20th
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 20th. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.94% with an average 0.9 point, up from last week when it averaged 6.92%.
US Weekly Jobless Claims Decline for the Week Ending October 15th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 214,000 during the week ending on October 15; this is a decrease of 12,000 from the previous week’s revised level of 226,000.
US Housing Starts Fall in September, While Building Permits and Completions Rise
The US Census Bureau reported on Wednesday that privately‐owned housing starts in September were at a seasonally adjusted annual rate (SAAR) of 1,439,000. This is 8.1% below the revised August estimate of 1,566,000 and is 7.7% below the September 2021 rate of 1,559,000.