News in end use

New residential single-family home sales for July were at a SAAR of 739,000, 10.6% above the revised June rate of 668,000.

The HMI showed further deterioration in builders’ sentiment across key regions after a disappointing Q1 HMI report.

The “missing middle” sector includes development of medium-density housing, such as townhouses, duplexes, and other small multifamily properties.

Total existing-home sales increased 1.3% in July from June to a seasonally adjusted annual rate of 3.95 million, NAR reported.

The 30-year fixed-rate mortgage averaged 6.46%, down from last week when it averaged 6.49%, Freddie Mac reported.

The advance figure for seasonally adjusted initial unemployment claims was 232,000 during the week ending August 17th, an increase of 4,000 from the previous week’s revised level.

The number of Canadians receiving regular Employment Insurance benefits in June totaled 474,000, up 1.3%, or 6,000, from a month earlier

According to the ESR Group, total home sales are expected to come in lower than previously forecast through the rest of 2024, and then not pick up meaningfully until further out in 2025.

Overall, the construction industry added a net 25,000 jobs in July compared to the previous month, the BLS and NAHB reported.