On Monday (9-20-21), The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reported that builder sentiment in the market for newly built single-family homes edged 1-point higher in September to a reading of 76.
News in end use
Home Sales and Economic Growth Continue to be Slowed by Labor and Supply Chain Limitations
According to the September 2021 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group, for the second month in a row, expectations for near-term real GDP growth were revised downward-and-outward due to persistent supply chain disruptions and labor market tightness.
U.S. Bureau of Labor Statistics Releases State-by-State Unemployment and Employment Report for August
According to the latest U.S. Bureau of Labor Statistics (BLS) state-by-state unemployment and employment report for August, unemployment rates were lower in 15 states and D.C. and stable in 35 others.
Share of Custom Home Building Declines in Census Bureau’s Survey of Construction for 2020
Data from the U.S. Census Bureau’s Survey of Construction (SOC), with analysis provided by the National Association of Home Builders (NAHB), reveals that the custom home share decreased to 17.8% of all single-family homes started in 2020. That is the lowest annual custom home share has been since the redesigning of the SOC in 2005.
Housing Market Goes from White Hot to Red Hot just as Fall Buying Season Starts
Zillow Group, Inc., the Seattle-based real estate marketplace company, in their latest Zillow® Market Report revealed that the runaway monthly increases in home values and rents slowed in August. This paves the way, Zillow says, for a strong but more manageable housing market for this coming fall.
University of Michigan Releases Preliminary Consumer Sentiment Index for September
The University of Michigan today (Friday 9-17-21) released its preliminary Consumer Sentiment Index (CSI) for September. The Index of Consumer Sentiment increased to a reading of 71.0 in September, up from 70.3 in August — a month-over-month increase +1.0% but -11.7% year-over-year (80.4 in September 2020).
Canadian Housing Starts Decline Month-Over-Month in August
Canada Mortgage and Housing Corp (CMHC) reported on Wednesday (9-15-21) that the annual pace of housing starts in Canada in August slowed when compared with July, as the rate of new home construction continued to decline from their highs earlier in the year. According to the CMHC, the seasonally adjusted annual rate of housing starts was 260,239 units in August, down from 270,744 in July.
Contractor Confidence Declines in August as Construction Backlog Indicator Tumbles Lower
The Associated Builders and Contractors (ABC) reported on Tuesday (9-14-21) that is Construction Backlog Indicator, the results of an ABC member survey, declined significantly to a reading of 7.7 months in August. The reading is down -0.8 months month-over-month (July vs. August) and down 0.3 months year-over-year (August 2020 vs. August 2021).
Canadian Consumer Price Index Increases 4.1% Year-Over-Year
Statistics Canada (StatsCan) reported today (9-16-21) that the Canadian Consumer Price Index (CPI) increased 4.1% on a year-over-year basis in August, up from a 3.7% gain in July. This is the fastest growth rate in the CPI since March 2003.
Mortgage Rates Move Slightly Lower in the Week Ending September 16, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 16, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.86% with an average 0.7 point, down slightly from last week when it averaged 2.88%. A year ago, at this time, the 30-year FRM averaged 2.87%.