More new multifamily units were completed in June than in any month since the 1970s.
News in end use
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.
Total Value of US Homes Reaches Record High of $49.6 Trillion
On Thursday, Redfin reported that according to its data, the total value of US homes gained $3.1 trillion over the past 12 months to reach a record $49.6 trillion.
US Multifamily Developer Confidence in Q2 Declines Year-Over-Year
The NAHB produces two separate indices: The Multifamily Production Index had a reading of 44, a decrease of 12 points year-over-year, while the Multifamily Occupancy Index had a reading of 81, falling 8 points year-over-year.
Fannie Mae Home Purchase Sentiment Index® Trends Lower in July
The HPSI decreased 1.1 points in July to a reading of 71.5, as an overall lack of affordability continues to hamstring consumer sentiment toward the housing market.