News in end use

The National Association of Realtors® (NAR) has reported their Pending Homes Sales Index (PHSI) — which is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops — declined -1.8%, in July 2021 to a reading of 110.7. An index of 100 is equal to the level of contract activity in 2001.

Redfin, the Seattle-based technology-powered real estate brokerage, is reporting that in the 4-week period ending Sunday, August 22, 2021, the national median home sales price increased 16% year-over-year to $361,225. During the same period of time, the share of home sellers dropping their price each week rose to 5.1%.

Statistics Canada (StatsCan) reported today (8-27-21) the Canada’s Industrial Product Price Index (IPPI) declined -0.4% in month-over-month in July but year-over-year was up 15.4%. The Raw Materials Price Index increased for the tenth consecutive month, up 2.2% on a monthly basis in July and was 37.7% higher year-over-year.

According to the latest National Association of Home Builders (NAHB) Survey on Acquisitions, Development, & Construction (AD&C) Financing, in Q2 of 2021 interest rates on three of the four categories monitored continued on their downward trend that stated in Q3 of 2020.

The U.S. Bureau of Economic Analysis (BEA) reported on Friday (8-27-21) that according to their estimates, personal income (PI) increased $225.9 billion, or 1.1% in July. Disposable personal income (DPI) increased $198.0 billion, or 1.1%, and personal consumption expenditures (PCE) increased $42.2 billion, or 0.3%.

The University of Michigan today (Friday 8-27-21) released its final Consumer Sentiment Index (CSI) for August. The Index of Consumer Sentiment dropped to a reading of 70.3 in August, down from 81.2 in July, a month-over-month decline of -13.4% and -5.1% year-over-year (74.1 in August 2020).

According to the “second” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 6.6% in Q2 of 2021. In Q1 of 2021, the real GDP increased 6.3%.

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 19, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.87% with an average 0.6 point — up slightly from last week when it averaged 2.86%.

The U.S. Department of Labor is reporting that an additional 353,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, August 21, 2021. This is an increase of 4,000 from the previous week’s revised level.

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending August 20, 2021, the Market Composite Index (a measure of mortgage loan application volume) increased 1.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.