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.
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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.
Mortgage Rates Top 5.0% in Week Ending April 14, 2022
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 14, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.00% with an average 0.8 point. The 15-year fixed-rate mortgage averaged 4.17% with an average 0.9 point, up from last week when it averaged 3.91%.
University of Michigan Preliminary Consumer Sentiment Index for April 2022 Posts Surprising Gain
The University of Michigan today (4-14-22) released its preliminary Consumer Sentiment Index CSI) for April. The Index of Consumer Sentiment increased to a reading of 65.7, up from the March reading of 59.4. This represents a month-over-month increase of 10.6% but is down -25.6% year-over-year (88.3 in April 2021).
Weekly Jobless Claims Climb Higher in the Week Ending April 9, 2022
The U.S. Department of Labor is reporting that an additional 185,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday April 9, 2022. This is an increase of 18,000 from the previous week’s revised level.