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.
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Canadian Home Sales Increased in February
The Canadian Real Estate Association (CREA) reported today (3-15-22) that national homes sales in Canada were up in February 2022, as buyers took advantage of early spring listings. Home sales recorded over Canadian MLS® Systems climbed 4.6% between January and February 2022.
Canadian Manufacturing Sales Increase for Fourth Consecutive Month in January 2022
Statistics Canada (StatsCan) reported today (3-15-22) that manufacturing sales rose for the fourth consecutive month—up 0.6% to $64.8 billion in January on higher sales in 14 of 21 industries, led by the petroleum and coal (+6.8%) and wood (+6.5%) product industries. The gain was partially offset by lower sales of motor vehicles (-17.5%).
Producer Price Index for Final Demand Increased 0.8% February 2022
The Bureau of Labor Statistics (BLS) reported today (3-15-22) that the Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.8% in February. This rise followed advances of 1.2% in January and 0.4% in December 2021. On an unadjusted basis, final demand prices moved up 10.0% for the 12 months ended in February.
Investment in Canadian Building Construction Increased in All Sectors in January 2022
Statistics Canada (StatsCan) reported today (3-14-22) that investment in building construction increased 3.4% to $19.1 billion (CAD) in January 2022, with gains posted in all components. On a constant dollar basis (2012=100), investment in building construction increased 4.0% to $12.1 billion.
Federal Reserve’s “Flow of Funds” Report Posts Largest Increase on Record in Q4 2021
According to the latest edition of the Federal Reserve’s Z.1 Financial Accounts of the United States (i.e., the “Flow of Funds), in Q4 2021, the aggregate market value of all owner-occupied real estate in the United States experienced the largest quarterly increase on record.
U.S. Homeowners Experience an Equity Increase of 29.3% Year-Over-Year in Q4 2021
On Thursday (3-10-22), CoreLogic® released its Homeowner Equity Report (HER) for Q4 2021. The HER shows that U.S. homeowners with mortgages experienced a year-over-year increase in equity by 29.3%. This number represents an overall equity gain of more than $3.2 trillion.
Houses Continue to Sell at a Record Pace Just as Supply Dips to a Record Low
Redfin, the Seattle-based, technology-powered real estate firm, in its latest report (3-10-22), which covers a four-week period of home buying and selling transactions ending March 6, 2022, reported that three out of five homes that went under contract for sale found a buyer within two weeks.
Canadian Unemployment Falls to Pre-Pandemic Levels
Statistics Canada (StatsCan) reported today (3-11-22) that employment increased by 337,000 (1.8%) in February, more than offsetting losses that coincided with stricter public health measures in January. The unemployment rate dropped 1.0 percentage points to 5.5% in February 2022.
University of Michigan Preliminary Consumer Sentiment Index Declines for March 2022
The University of Michigan today (Friday 3-11-22), released its preliminary Consumer Sentiment Index (CSI) for March. The Index of Consumer Sentiment declined to a reading of 59.7 in March, down from 62.8 in February. This is a month-over-month decrease of -4.9%.