The U.S. Census Bureau today (4-27-22) announced the results of its Residential Vacancies and Homeownership statistical survey for 2022 Q1. According to the report, the national vacancy rate in Q1 was 5.8% for rental housing. The rental vacancy rate was -1.0% points lower than the rate in Q1 of 2021 (6.8%).
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Mortgage Applications Decline for Seventh Week in a Row During the Week Ending April 22, 2022
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending April 22, 2022, the Market Composite Index (a measure of mortgage loan application) volume declined -8.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -7.0%.
New Single-Family Home Sales Decline Month-Over-Month and Year-Over-Year in March 2022
The U.S. Census Bureau and the Dept. of Housing and Urban Development jointly announced on Tuesday that new residential single-family home sales for March 2022 were at a seasonally adjusted annual rate of 763,000, according to estimates.
FHFA Home Price Index Up 2.1% Month-Over-Month and 19.4% Year-Over-Year in February 2022
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®) released today (4-26-22), U.S. house prices increased 2.1% month-over-month in February. House prices increased 19.4% from February 2021 to February 2022.
U.S. Home Prices Post 19.8% Year-Over-Year Gain in February 2022
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported today (4-26-22), which covers all nine U.S. Census divisions, home prices experienced a 19.8% annual gain in February, following a 19.1% annual gain in January.
The Conference Board’s Consumer Confidence Index Declines Modestly Month-Over-Month in April 2022
The Conference Board today (4-26-22) released their Consumer Confidence Index® (CCI) for April 2022. The CCI declined slightly in April after a modest increase in March. The Index (1985=100) now stands at 107.3, down from 107.6 in March.
Home Purchasing Bidding Wars Retreat in March—The First Decline in 6 Months
Redfin reported today (4-25-22) that 65% of home offers written by their agents faced competition on a seasonally adjusted basis in March. That is down from a revised 66.7% in February. It also marks the first month-over-month decline since September of 2021. It also marks the first month-over-month decline since September of 2021.
Zillow’s March Real Estate Market Report: Home Prices Up 19.5% in Past 3 Months and 38% Year-Over-Year
Zillow Group is reporting that quickly rising mortgage rates continue to negatively impact affordability that has been brought on by record home value growth. As a result, monthly mortgage payments on a typical U.S. home are currently 19.5% higher than they were just 3-months ago and are 38% higher year-over-year.
Canadian Industrial Product Price Index Up 4.0% Month-Over-Month and 18.5% Year-Over-Year in March 2022
Statistics Canada (StatsCan) reported on Friday (4-22-22) that the Canadian Industrial Produce Price Index (IPPI) rose 4.0% month-over-month in March 2022. This increase is the largest monthly change on record since the series started in 1956. Growth was mainly driven by higher prices for refined petroleum products.
Unsuccessful Would-Be Home Buyers Are Increasingly Dropping Out of the Process
A closer look at the National Association of Home Builders’ latest Housing Trend Report reveals that 67% of buyers who were actively engaged in the process of finding a home in 2022 Q1 have spent 3+ months searching for a home without success. Forty-eight percent of respondents said it was because of their inability to find an affordable home.