Redfin reported that the median asking rent fell year-over-year across all bedroom counts in July—the first time that’s occurred since June 2020.
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NFIB Small Business Optimism Index Trends Higher in July but Remains Below 50-Year Average
The NFIB Small Business Optimism Index increased 2.2 points to a reading of 93.7. The last time the SBOI was this high was in February 2022.
Value of Canadian Building Permits Shrinks in June, Marking Second Consecutive Decline
The total value of building permits in Canada fell 13.9% to $9.9 billion (CAD) in June, extending the decline observed in May.
Rent Growth Slows as Additional Multifamily Units are Completed
More new multifamily units were completed in June than in any month since the 1970s.
Canadian Construction Price Indices Rise in Q2
Residential building construction costs increased 0.8% in Q2, following a 1.0% increase in Q1. Nonresidential building construction costs rose 1.1%, following a 1.0% increase in Q1.
Mortgage Credit Availability in July Reaches Highest Level Since October 2023
The MBA Mortgage Credit Availability Index increased by 3.3% to a reading of 98.1 in July.
Credit for Residential Land Acquisition, Development, and Construction Tightens in Q2
Credit for residential AD&C continued to tighten in Q2 and became even more expensive for most types of loans, NAHB reported.
Canadian Employment and Unemployment Remained Little Changed in July
Overall employment was little changed in July. The employment rated declined 0.2 percentage points to 60.9%.
30-Year US Mortgage Rate Falls to 15-Month Low
The 30-year fixed-rate mortgage averaged 6.47%, down from last week when it averaged 6.73%, Freddie Mac reported.
US Weekly Initial Jobless Claims Drop in the Week Ending August 3rd
The advance figure for seasonally adjusted initial unemployment claims was 233,000, a decrease of 17,000 from the previous week’s revised level.