Redfin, in a new report released on Thursday (3-17-22), said that the U.S. median home sale price surged 7% during the four-week period ending Sunday, March 13, 2022. That is the largest month-over-month increase on record in Redfin’s data, which goes back through 2017.
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U.S. Leading Economic Index® Improves in February 2022
The Conference Board released today (3-18-22) the Leading Economic Index® (LEI) for the U.S. in February 2022. According to the report, the LEI for the U.S. increase by 0.3% in February to 119.6 (2016=100), following a -0.5% decrease in January and a 0.8% increase in December.
New Home Purchase Mortgage Applications Decline Month-Over-Month and Year-Over-Year in February
According to the Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) for February 2022, mortgage applications for new home purchases declined -3.9% year-over-year. When compared to January 2022, applications decreased by -1.0%. This change does not include any adjustment for typical seasonal patterns.
Housing Starts and Completions Improve Month-Over-Month, but Building Permits Lag in February 2022
The U.S. Census Bureau reported on Thursday (3-17-22) that privately‐owned housing starts in February 2022 were at a seasonally adjusted annual rate (SAAR) of 1,769,000. This is 6.8% above the revised January estimate of 1,657,000 and is 22.3% above the February 2021 rate of 1,447,000.
Mortgage Rates Climb Above 4% in the Week Ending March 17, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 17, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 4.16% with an average 0.8 point, up from last week when it averaged 3.85%. A year ago, at this time, the 30-year FRM averaged 3.09%.
Weekly Jobless Claims Decline in the Week Ending March 12, 2022
The U.S. Department of Labor is reporting that an additional 214,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, March 12, 2022. This is a decrease of 15,000 from the previous week’s revised level.
Prices of Goods Used in Residential Construction Increase 1.6% in February 2022
According to the latest Bureau of Labor Statistics (BLS) Producer Price Index (PPI) report, with analysis provided by the National Association of Home Builders (NAHB), the price of goods used in residential construction, less energy and not seasonally adjusted, increased 1.6% in February 2022.
Building Materials and Supplies Lead Canadian Wholesale Sector Sales Higher in January
Statistics Canada (StatsCan) reported today (3-16-22) that sales in the wholesale sector rose 4.2% in January to $79.8 billion (CAD). The increase in January marks the sixths consecutive month of growth in the sector and the is the largest since June 2020. Five of the seven subsectors posted gains.
Home Builder Sentiment Declines for Fourth Consecutive Month in March
On Wednesday (3-16-22), The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes edged 2-points lower in March to a reading of 79. Despite four consecutive monthly declines, the HMI has posted solid reading for the past 6-months.
Mortgage Applications Decline in Week Ending March 11, 2022
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending March 11, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -1.2% on a seasonally adjusted basis from one week earlier.