Privately‐owned housing starts in March were at a seasonally adjusted annual rate (SAAR) of 1,793,000. This is 0.3% above the revised February estimate of 1,788,000 and is 3.9% above the March 2021 rate of 1,725,000. Single-family housing starts in March were at a rate of 1,200,000. This is -1.7% below the revised February figure of 1,221,000.
News in end use
Canadian Housing Starts Edge Lower in March
The Canadian Mortgage and Housing Corporation (CMHC) reported today (4-19-22) that the trend in housing starts in Canada was 252,497 units in March, down from 253,296 units February. The standalone monthly SAAR of total housing starts for all areas in Canada in March was 246,243 units, a decrease of -2% from February.
Following February’s Surge, Canadian Home Sales and New Listings Decline in March
The Canadian Real Estate Association (CREA) reported today (4-19-22) that national home sales and newly available listings both declined in March 2022, after having jumped briefly higher in February. With sales and new listings falling in equal measure in March, the sales-to-new listings ratio stayed at 75.3% compared to 75.2% in February.
US Home Sales and Median Sales Price Soar Month-Over-Month in March 2022
On Monday (4-18-22), RE/MAX released its National Housing Report (NHR) for March 2022. According to the report, March homes sales jumped 32.3% month-over-month, while the median sales prices hit a new record high of $360,000 (16.7% higher year-over-year). These increases occurred as buyers continue to outnumber sellers.
Higher Mortgage Rates Will Not Slow Single-Family Home Purchase Market in 2022, Freddie Mac Says
Freddie Mac released a new Quarterly Forecast, which predicts that the single-family home purchasing market will remain solid in 2022. Sam Khater, Freddie Mac’s Chief Economist, estimates that rising mortgage rates will lead to moderation in homebuyer demand and house price appreciation.
Builder Sentiment in April Declines for Fourth Consecutive Month
The National Association of Home Builders/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes edged two points lower in April to a reading of 77. The HMI has posted solid reading for the past 6 months, despite declining for the past four consecutive months.
Houses Sold at the Fastest Rate and for More Money in the Record-Breaking Month of March
According to a new report from Redfin, the Seattle-based, technology-powered real estate firm, it was the best March on record for the housing market. In March of 2022, homes were selling at their fastest pace and for more above their list price. The median home-sale price rose 6.2% in March to an all-time high of $412,700.
Apartment Rental Prices Are Up 20% from Pre-Pandemic Levels
According to Realtor.com’s latest Monthly Rental Report, rental prices have grown by nearly 20% nationwide since the beginning of the pandemic (March 2020 to March 2022). Although the underlying reasons have shifted over the course of the pandemic, data suggests that renting remains a popular option for Americans who desire flexibility.
Canadian Wholesale Sales Drop in February, Marking the First Decline in Seven Months
Statistics Canada (StatsCan) reported on Thursday (4-14-22) that wholesale sales declined for the first time in seven months. According to the report, wholesale sales declined a modest -0.4% in February to $78.8 billion (CAD). Building material and supplies wholesalers recorded a 2.8% drop in sales to $13.7 billion as activity in the subsector.
Canadian Manufacturing Sales Increase for Fifth Consecutive Month in February, With Wood Industry Up 8.5%
Statistics Canada (StatsCan) reported today (4-14-22) that manufacturing sales increased for the fifth consecutive month in February, rising 4.2% to $67.7 billion (CAD) on higher sales in 14 of 21 industries. Sales in constant dollars increased 2.2% in February. Total manufacturing sales rose 19.5% on a year-over-year basis in February.