News in end use

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.

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.

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.

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.

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.

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%.

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).

Fannie Mae on Wednesday released its Home Purchase Sentiment Index® (HPSI) for November. The HPSI increased 0.6 points to a reading of 57.3—the first increase recorded in the past nine months. Nonetheless, the HPSI remains just above the all-time low that was established last month in October.

According to the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending December 2nd, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 36.0%.

According to an Associated Builders and Contractors analysis of construction spending data published by the US Census Bureau on Thursday, national nonresidential construction declined by 0.3% in October. On a seasonally adjusted annualized basis, nonresidential spending totaled $898.4 billion.