Housing starts in November were at a seasonally adjusted annual rate of 1,289,000. This is 1.8% below October and 14.6% below November 2023.
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Federal Reserve Lowers Interest Rates for Third Consecutive Time
The Fed moved forward with an anticipated 25-basis-points rate cut, bringing the target rate for the federal funds rate to 4.25–4.50%
Investment in Canadian Building Construction Declines 1.1% in October
Investment in building construction fell 1.1% to C$21.4 billion in October, following a 2.6% increase in September. However, year-over-year, investment grew 3.4%.
US Existing-Home Sales Rise in November, Redfin Reports
Redfin said existing-home sales rose 0.7% in November, reaching a seasonally adjusted annual rate of 4,269,850—the highest level since March 2023.
US Mortgage Applications Decrease in the Week Ending December 13th
Mortgage loan application volume declined 0.7% on a seasonally adjusted basis from one week earlier, MBA reported.
US Builder Confidence Holds Steady in December
The NAHB/Wells Fargo Housing Market Index (HMI) held steady at a reading of 46 in December, unchanged from November.
Canadian Housing Starts Climb 8.0% in November
The seasonally adjusted annual rate of housing starts was up 8.0% in November at 262,443 units, CMHC reported.
Upward Pressure on the Canadian Consumer Price Index Eases in November
The Consumer Price Index (CPI) rose 1.9% year-over-year in November, down from a 2.0% increase in October.
Mortgage Applications for US New-Home Purchases Decline 12.0% in November
Mortgage applications for new home purchases declined 12.0% in November but were up 7.2% year-over-year, MBA reported.
Fannie Mae ESR Group Releases Its Latest 2025 Housing Market Outlook
According to the ESR Group, affordability and the “lock-in effect” are expected to keep housing activity subdued in 2025, with existing-home sales forecast to move only slightly upward.