According to the latest Federal Housing Finance Agency House Price Index released today, nationwide US home prices rose 1.4% month-over-month in May. Year-over-year (May 2021 versus May 2022) home prices have increased 18.3%.
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US Home Price Gains Continued to Slow in May 2022
On Tuesday, S&P CoreLogic Case-Shiller released its US National Home Price NSA Index for May. The Index, which covers all nine US Census divisions, reported that home prices experienced a 19.7% annual gain in May—down from 20.6% annual gain in April.
The Conference Board’s Consumer Confidence Index Drops for Third Consecutive Month in July
The Conference Board released today their Consumer Confidence Index® (CCI) for July 2022. The CCI eroded further in July, marking the third consecutive monthly decline. The Index now stands at 95.7 (1985=100), down 2.7 points from a reading of 98.4 in June.
State Level Analysis of Bureau of Labor Statistics Nonfarm Construction Jobs for June 2022: 38 States Increase
A deeper dive into the Bureau of Labor Statistics’ nationwide total nonfarm payroll employment summary for June reveals that nonfarm payroll employment increased month-over-month in 38 states in June compared to the previous month. Nationwide nonfarm payroll increased by 372,000 jobs in June, following a gain of 384,000 jobs in May.
Economic Uncertainty and Higher Interest Rates to Slow Commercial and Multifamily Lending in Second Half of 2022
According to the updated baseline forecast released by the Mortgage Bankers Association on Wednesday, total commercial and multifamily mortgage borrowing and lending is expected to decline to $733 billion this year, down 18% from 2021 totals of $891 billion.
Homes Are Taking Longer to Sell Just as Availability Improves and Prices Begin to Soften
Redfin is reporting that in the 4-week period ending on July 17, the typical home spent 19 days on the market. This is just one day longer than during the same period one year ago.
Home Building Construction Times Increased Year-Over-Year in 2021
According to the U.S. Census Bureau’s 2021 Survey of Construction, with further analysis provided by the National Association of Home Builders, the average completion time of a single-family house in 2021 was approximately 8.2 months.
Fannie Mae’s Economic and Strategic Research Group Downgrades Expectations for GDP Growth in Full-Year 2022 and 2023
Fannie Mae’s Economic and Strategic Research (ESR) Group announced on Wednesday that they were downgrading their expectations for full-year 2022 and 2023 real GDP growth. The ESR indicated that softening consumer spending and downward revision to business inventory investment data amid record inflation and higher interest rates were the cause for the downgrade.
Amid Declining Softwood Lumber Prices, Canada’s Industrial Product Price Index & Raw Materials Price Index Are Trending Lower
Statistics Canada reported on Wednesday that the price of products manufactured in Canada as a measured by the Industrial Product Price Index (IPPI) declined by 1.1% month-over-month in June. This was the first monthly decline in the IPPI since August 2021, when it declined 0.3%.
US Leading Economic Index® Declined Further in June, The Conference Board Reports
The Conference Board released today the Leading Economic Index® (LEI) for the U.S. in June of 2022. According to the report, the LEI for the U.S. declined 0.8% in June, falling to a reading of 117.1 (2016=100). The decrease follows a 0.6% decline in May. The LEI is now down 1.8% over the first half of 2022.