News in end use

Redfin reported on Thursday that in the four-week period ending August 21st, new listings of homes fell 15% year-over-year. This marks the largest annual decline since the start of the COVID-19 pandemic.

Personal income increased $47.0 billion, or 0.2%, in July. Disposable personal income increased $37.6 billion, or 0.2%, in July. Personal consumption expenditures increased $23.7 billion, or 0.1%, in July.

The University of Michigan’s Index of Consumer Sentiment increased to a reading of 58.2 in August, up from its reading of 51.5 in July. This is a month-over-month increase of 13.0% but down 17.2% year-over-year (70.3 in August 2021).

The Bureau of Economic Analysis released today its “second estimate” for Q2 2022 real GDP. According to the report, GDP decreased at an annual rate of 0.6% in Q2 2022. The decline follows -1.6% in Q1 2022.

The Mortgage Bankers Association reported on Thursday that according to its Purchase Applications Payment Index, homebuyer affordability improved for the second consecutive month in July, with the national median payment applied for by applicants down to $1,844 from $1,893 in June.

According to data provided by the US Census Bureau’s Survey of Market Absorption of Apartments, the multifamily sector continued to experience growth in Q1 2022. The growth is due to ongoing strong demand and low vacancy rates.

Freddie Mac has released its Primary Mortgage Market Survey for the week ending August 25, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.55% with an average 0.8 point, up from last week when it averaged 5.13%.

The US Department of Labor is reporting that, seasonally adjusted, an additional 243,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, August 20, 2022. This is a decrease of 2,000 from the previous week’s revised lower level of 245,000.

The National Association of Realtors® reported on Wednesday their Pending Homes Sales Index declined 1.0% in July from June to a reading of 89.8. The PHSI has now declined in eight times in the past nine months. Year-over-year contract signings have declined 19.9%.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending August 19, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 1.2% on a seasonally adjusted basis from one week earlier.