News in end use

The Canadian Real Estate Association has updated its forecast for home sales activity via the Multiple Listing Service® Systems of the Canadian Real Estate Boards and Association in 2022 and extended the forecast into 2023. The report reveals that home sales started 2022 below 2021 levels, while price growth has continued at a record-breaking pace.

Redfin reported today (3-21-22) that the average monthly asking rent in the U.S. increased year-over-year by 15% to a record high of $1,901 in February 2022. According to the report, this is the largest annual jump since at least February 2020. The national median monthly mortgage payment for homebuyers climbed 31% year over year to $1,716.

The Mortgage Bankers Association (MBA) announced today (3-21-22) the results of their latest Commercial/Multifamily Delinquency report. According to the report, commercial and multifamily mortgage delinquencies declined in Q4 2021. MBA’s quarterly analysis looks at commercial/multifamily delinquency rates for five of the largest investor-groups.

The National Association of Realtors® (NAR) reported on Friday (3-25-22) that total existing home sales dropped -7.2% month-over-month in February to a seasonally adjusted rate at 6.02 million homes. Year-over-year, sales are down -2.4% (6.17 million February 2020).

Statistics Canada (StatsCan) reported today (3-18-22) that new home prices in Canada increased 1.1% month-over-month in February. Year-over-year (February 2021 – February 2022), they increased 10.9%. Prices increased in 18 of the 27-census metropolitan areas and were unchanged in 9.

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.

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.

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.

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.

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%.