Redfin reported on Thursday that 44.6% of home offers written by Redfin agents nationwide faced competition in August. This is the lowest bidding-war rate since the beginning of the pandemic when the housing market nearly came to a halt.
News in end use
Canadian Unemployment Increases Month-Over-Month in July—Still Holds at Record Low Level
Statistics Canada reported on Thursday that 506,000 Canadians received regular Employment Insurance benefit in Julys. This is an increase of 14,000, or 2.9%, when compared to June. It was also the first increase since January 2022.
Canada’s Growing Population and Decades-Long Shortfall in Home and Apartment Building Continue to Impact Housing Availability
According to the recently released Re/Max Canada 2022 Housing Inventory Report, inventory levels in eight major Canadian housing centers have been dwindling over the past decade. And even with lower levels of real estate activity this year, affordability will be a growing concern along with availability.
Two-Thirds of Young Adults That Moved in With Parents During the Pandemic Are Still Living There
A recent LendingTree survey found that two-thirds of young adults who moved in with their parents during the COVID-19 pandemic are still living there. Fifty one percent said they moved home to out of necessity, while 49% said they moved home to save money.
The Conference Board Reports US Leading Economic Index® Declined for 6th Consecutive Month in August
The Conference Board released today its Leading Economic Index® (LEI) for the US in August 2022. According to the report, the LEI declined 0.3% in August to a reading of 116.2 (2016=100), following declines of 0.5% in July and 0.7% in June.
Mortgage Rates Continued to Trek Higher in the Week Ending September 22, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 22, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 6.29% with an average 0.9 point, up from last week when it averaged 6.02%.
US Weekly Jobless Claims Increase for the Week Ending September 17, 2022
The US Department of Labor is reporting that seasonally adjusted an additional 213,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, September 17, 2022. This is an increase of 5,000 from the previous week.
Fannie Mae’s Economic and Strategic Research Group Paints Gloomy Picture for US Economy
According to the September 2022 commentary released today (9-21-22) from the Fannie Mae Economic and Strategic Research (ESR) Group, economic growth is projected to resume in the second half of 2022. However, the combination of high inflation, monetary policy tightening, and a slowing housing market is likely to tip the economy into a modest recession in the new year.
Mortgage Applications Increase in the Week Ending September 16, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending September 16, the Market Composite Index (a measure of mortgage loan application volume) increased 3.8% on a seasonally adjusted basis from one week earlier.
US Median Asking Rents Up 11% Year-Over-Year in August, Setting a New Record High
Redfin reported that US asking rents soared to a record high in August but noted that rent growth had moderated for the third consecutive month. According to Redfin, the US national median asking rent was up 11% year-over-year in August to $2,039.