According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported today (11-30-21) that home prices experienced a 19.5% annual gain in September — down from the 19.8% annual gain in August 2021.
News in end use
Consumer Confidence Declined in November
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (11-30-21) their Consumer Confidence Index® (CCI) for November 2021. The CCI declined in November following an uptick in October and decreases in August, July, and June. The Index now stands at 109.5 (1985=100), down from 111.6 in October.
Pending Homes Sales Up 7.5% in October 2021
The National Association of Realtors® (NAR) reported on Monday (11-29-21) that their Pending Homes Sales Index (PHSI) — based on signed real estate contracts, not actual closings for existing single-family homes, condominiums, and co-ops — increased 7.5% month-over-month in October 2021 to a reading of 125.2.
Rising Softwood Lumber Prices Contributes to Canadian Industrial Product Price Index Growing 1.3% in October
Statistics Canada (StatsCan) is reporting today (11-29-21) that the price of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 1.3% month-over-month in October. This follows a 1.2% monthly increase in September. The IPPI was up 16.7% higher year-over-year.
New Residential Home Sales Up Month-Over-Month but Fall Year-Over-Year in October 2021
The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced on Wednesday (11-24-21) that new residential single-family home sales for October 2021 were at a SAAR of 745,000, according to estimates. This is 0.4% above the revised September rate of 742,000 but is -23.1% below the October 2020 estimate of 969,000.
30-Year Mortgage Rates Hold Steady, 15-Year Rates Up Slightly in the Week Ending November 24, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 24, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.10% with an average 0.7 point, unchanged from last week. A year ago, at this time, the 30-year FRM averaged 2.72%.
University of Michigan Final Consumer Sentiment Index for November at Lowest Point in Nearly a Decade
The University of Michigan today (11-24-21) released its final Consumer Sentiment Index (CSI) for November. The Index of Consumer Sentiment declined to a reading of 67.4 in November, down from 71.7 in October. This is a month-over-month decrease of -6.0% and a year-over-year decrease of -12.4% (76.9 in November 2020).
U.S. Real GDP for Q3 2021 Reported at 2.1% in “Second” Estimate
The Bureau of Economic Analysis (BEA) released today (11-24-21) its “second” estimate of real gross domestic product (GDP) for Q3 2021. The BEA reports GDP was at an annual rate of 2.1%. The GDP estimate released today is based on more complete source data than were available for the “advance” estimate which was issued last month.
Mortgage Applications Increase in the Week Ending November 19, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending November 19, 2021, the Market Composite Index (a measure of mortgage loan application volume) increased 1.8% on a seasonally adjusted basis from one week earlier.
Weekly Jobless Claims Decline Further in the Week Ending November 20, 2021
The U.S. Department of Labor is reporting that an additional 199,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, November 20, 2021. This is a decrease of 71,000 from the previous week’s revised level, and it’s the lowest level for initial job claims since November 15, 1969.