For the week ending August 17, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 3.0%.
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Producer Price Index Shows Prices of Building Materials Edged Higher in July
According to the latest the Producer Price Index (PPI) report, the price of building materials increased 0.4% (not seasonally adjusted) in July. Prices have surged 35.7% since January of 2020, with 80% of those increases occurring since January of 2021.
Housing Starts and Building Permits Decline While Completions Increase in July 2022
The US Census Bureau reported on Tuesday that privately‐owned housing starts in July were at a seasonally adjusted annual rate (SAAR) of 1,446,000. This is 9.6% below the revised June estimate of 1,599,000 and is 8.1% below the July 2021 rate of 1,573,000.
Canadian Housing Starts Trend Higher in July 2022
The Canadian Mortgage and Housing Corporation announced on Tuesday its trend in housing starts for July 2022. The trend in housing starts in July was 264,426 units, up from 257,862 units in June.
Canadian Home Sales Drop for Fifth Consecutive Month in July
The Canadian Real Estate Association reported that home sales recorded over the Canadian MLS® System decreased from June to July 2022 by 5.3%. This marks the fifth consecutive months of declines, but CREA notes it is smallest drop of the past five months.
Canadian Consumer Prices Index Rise 7.6% Year-Over-Year in July—Seventh Consecutive Monthly Increase
Statistics Canada reported today that Canadian Consumer Prices Index rose 7.6% on a year-over-year basis in July, down from an 8.1% gain in June. Most of the decline was the result of a slower year-over-year increase in gasoline pricing.
Shares of Mortgage Loans in Forbearance Continued to Fall in July but 370,000 Homeowners Remain
According to the new monthly Mortgage Bankers Association Loan Monitoring Survey, the total number of loans now in forbearance decreased by 7 basis points, from 0.81% of servicers’ portfolio volume in the prior month to 0.74% as of July 31.
Manufacturing Sales in Canada Decline 0.8% in June
Statistics Canada reported on Monday that manufacturing sales in Canada fell 0.8% to $71.8 billion (CAD) in June. This follows a 1.1% decline in May. Lower sales were reported in 8 of 21 industries.
Builder Sentiment for Newly Built Single-Family Homes Declines for the 8th Consecutive Month in August
On Monday, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes fell 6-points lower in August to a reading of 49.
Homeowners Are Postponing the Sale of Their Homes as Housing Market Continues to Cool
According to Redfin’s latest report, more homeowners are delaying the sales of their homes as the housing market cools, which in turn is contributing to the largest decline in home listings in over two years.