According to the latest National Association of Home Builders Housing Trend Report the popularity of new homes continues to rebound. After bottoming at 19% in 2022Q1, the share of buyers looking for new home construction rose to 21% in 2022Q2 and climbed to 27% in 2022Q3.
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Mortgage Applications Drop for Fifth Consecutive Week in the Week Ending October 21st
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending October 21, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.7% on a seasonally adjusted basis from one week earlier.
FHFA US House Price Index Declined Month-Over-Month but Remained Higher Year-Over-Year in August
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today, US home prices declined 0.7% in August from July. However, Year-over-year, house prices rose 11.9%.
After Two Consecutive Monthly Gains, The Conference Board’s Consumer Confidence Index Slips in October
The Conference Board released today (10-25-22) its Consumer Confidence Index® (CCI) for October 2022. The CCI has declined after 2 consecutive months of growth. The Index now stands at 102.5 (1985=100).
S&P CoreLogic Case-Shiller US Home Price Index Declined Further in August
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.
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.