According to the latest report from Redfin, for the four-week period ending on November 6th, home-sale prices increased 3.2% year-over-year. This is the smallest increase since July 2020.
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Housing Affordability Continued to Decline in Q3
According to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index, just 42% of new and existing homes sold in Q3 were affordable to families earning the US median income of $90,000.
University of Michigan Preliminary Consumer Sentiment Index for November Declines
The University of Michigan released the preliminary results of its Consumer Sentiment Index (CSI) for November. The Index of Consumer Sentiment dropped to a reading of 54.7, down from 59.9 in October. This is a month-over-month decline of 8.7%.
Consumer Price Index Increases 0.4% in October; All-Item Index Up 7.7% Year-Over-Year
The US Bureau of Labor Statistics on Thursday reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in October on a seasonally adjusted basis—the exact same size increase as was reported in September.
30-Year Fixed Mortgage Climbs Back Above 7%
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 10th. The PMMS reports that the 30-year fixed-rate mortgage averaged 7.08% with an average 0.9 point, up from last week when it averaged 6.95%.
US Weekly Jobless Claims Increase in the Week Ending November 5th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 225,000 during the week ending on Saturday, November 5th. This is an increase of 7,000 from the previous week’s revised level.
Mortgage Applications Decline for Seventh Consecutive Week
According to data from the Mortgage Bankers Association, for the week ending November 4th, the Market Composite Index—a measure of mortgage loan application volume—decreased 0.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 2.0%.
Led by the Highest Interest Rates on Credit Cards Since 1994, Revolving Debt Surges in Q3
According to the Federal Reserve’s latest G.19 Consumer Credit Report, US consumer credit (less real estate) grew at a seasonally adjusted annual rate (SAAR) of 6.8% in 22Q3. Revolving debt increased at a rate of 12.9%, which is more than double the pace of nonrevolving debt at 4.9%.
29% of US Single-Family Homes for Sale in Q3 Were New Construction—A Record High
Redfin is reporting that in 22Q3, 29% of US single-family homes for sale were new construction. This is the highest share of any Q3 on record. It is up from 25% in 21Q3 and 18% in 20Q3.
Commercial/Multifamily Borrowing Declines Year-Over-Year in Q3
On Tuesday, the Mortgage Bankers Association (MBA) reported the findings of its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations. According to the survey, commercial and multifamily mortgage loan originations declined 13% year-over-year in 2022 Q3.