News in end use

According to the latest Housing Trends Report, in 22Q3 prospective home buyers were more likely to have higher levels of income and education than earlier in the year. This information helps explain why affordability expectations have improved.

Statistics Canada reported on Frida that real GDP edged up 0.1% in August, following a similar 0.1% increase in July. The 0.3% increase in services-producing industries was partially offset by a 0.3% decline in goods-producing industries.

The US Bureau of Economic Analysis reported on Friday that according to its estimates, personal income increased 0.4% in September; disposable personal income increased 0.4%; and personal consumption expenditures (PCE) increased 0.6%.

The National Association of Realtors® reported on Friday that their Pending Homes Sales Index declined 10.2% in September from August to a reading of 79.5 (2001=100). The PHSI has now declined ten times in the past eleven months.

The University of Michigan today released the final results of its Consumer Sentiment Index for October. The Index of Consumer Sentiment increased to a reading of 59.9 in October, up from 58.6 in September. This is a month-over-month increase of 2.2%.

The Bureau of Economic Analysis released today its “advance estimate” for real GDP in 2022Q3. According to the report, GDP increased at an annual rate of 2.6%. This follows a reported decrease in Q2’s GDP annual rate of 0.6% and a 1.6% decline Q1 GDP.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 27th. The PMMS reports that the 30-year fixed-rate mortgage averaged 7.08% with an average 0.8 point, up from last week when it averaged 6.94%. This is the highest level since April 2002.

The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 217,000 during the week ending on Saturday, October 22nd. This is an increase of 3,000 from the previous week’s unrevised level of 214,000.

The Mortgage Bankers Association (MBA) reported on Thursday that homebuyer affordability decreased by 5.5% in September, after declining the three previous consecutive months. The national median payment applied for by applicants moved from $1,839 in August to $1,941 in September.

On Wednesday, the US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for September were at a seasonally adjusted annual rate of 603,000, according to estimates. This is 10.9% below the revised August rate.