Pending home sales declined 3.5% year-over-year in the week four-week period ending on July 6, Redfin reported.
News in end use
Value of Canadian Building Permits Rises 12.0% in May
The total value of building permits issued in May rose by 12.0% to $13.1 billion. Residential intentions increased by $169.8 million.
Record Share of US Spec Homes Built on Smaller Lots in 2024
Two out of three new single-family detached homes sold in 2024 were built on lots under 9,000 square feet, the Census Bureau and NAHB reported.
Canadian Employment Increases and Unemployment Declines in June
Canadian employment rose by 0.4% in June, with a net gain of 83,000 jobs—the first monthly increase since January.
US Remodeler Sentiment Declines in Q2
The NAHB/Westlake Royal Remodeling Market Index fell four points in Q2 to a reading of 59. Some remodelers are reporting a slowdown in market activity.
US Mortgage Rates Creep Higher in the Week Ending July 10
The 30-year fixed-rate mortgage averaged 6.72%, up from last week when it averaged 6.67%, Freddie Mac reported.
Conference Board of Canada Expects Slower Population Growth to Push Wages Higher
The Conference Board of Canada expects wage hikes will pick up speed in the coming years as the pace of population growth slows, The Canadian Press reported.
US Weekly Initial Jobless Claims Decline in the Week Ending June 28
The advance figure for seasonally adjusted initial unemployment claims was 227,000, a decrease of 5,000 from the previous week’s revised total.
Mortgage Applications Trend Higher in the Week Ending July 4
Mortgage loan application volume increased 9.4% on a seasonally adjusted basis from one week earlier, MBA reported.
NFIB Small Business Optimism Index Edges Lower in June
The NFIB Small Business Optimism Index edged down 0.2 points to 98.6, slightly above the 51-year average of 98.