The Housing Trend Report for Q4 2020, a research product created by the National Association of Home Builders (NAHB) Economics team, is reporting a rise in the number of home buyers who are reporting housing affordability is improving.
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Mortgage Applications Increase 8.1% in Week Ending January 29th, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 29th, 2021, the Market Composite Index, a measure of mortgage loan application volume, increased 8.1% on a seasonally adjusted basis from one week earlier.
ADP Reports Private Sector Employment Increased by 174,000 Jobs in January
According to the August ADP National Employment Report® nonfarm private sector employment increased by 174,000 jobs from December to January. The ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics.
Canadian Gross Domestic Product Grew 0.7% in November
According to Statistics Canada (StatCan), Canada’s real gross domestic product (GDP) grew 0.7% in November, following a 0.4% increase in October. Marking the seventh successive month of gains and helping to offset the steepest drops on record in March and April.
November’s Monthly Furniture Insight Survey Reports Increased Demand for Residential Furniture as the Economy Continues to Recover from Pandemic
Smith Leonard’s latest Monthly Furniture Insight survey of residential furniture manufacturers and distributors reported November was another month of continuing improvement. New orders were up 17% year-over-year in November.
Shares of Mortgages in Forbearance Remained Unchanged in Week Ending January 24th, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance remained unchanged relative to the prior week at 5.38% of servicers’ portfolio volume as of January 24, 2021. According to MBA’s estimate, 2.7 million homeowners are in forbearance plans.
Buyers Perception of Housing Availability Improved in Q4 According to Latest Housing Trends Report
According to the latest Housing Trends Report from the National Association of Home Builders (NAHB) buyer’s perception about housing availability showed significant improvement in Q4 2020. In Q4, 37% of prospective buyers expected their search for a home would be easier in the months ahead, while 54% expected it to be more difficult or remain the same.
Rural Area Housing Inventory Shortages Drive Overall Housing Market Crunch
According to Redfin, the Seattle-based nationwide real estate brokerage firm, the housing inventory crunch continues to grow in the new year and in all sectors of the market. Especially hard hit has been rural areas, where city dwellers currently seem to be drawn and which recently set a new record low for available inventory.
Year-Over-Year Total Construction Spending Increased 5.7%
The U.S. Census Bureau is reporting that total construction spending during December 2020 was estimated at a seasonally adjusted annual rate of $1,490.4 billion, 1.0% above the revised November estimate of $1,475.6 billion. The December figure is 5.7% above the December 2019 estimate.
Canada’s Industrial Products Price Index Increased 1.5% in December Led by Wood Products, Energy and Petroleum
According to Statistics Canada (StatCan) prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI) rose 1.5% in December, following a -0.5% decrease in November. This was the strongest monthly gain since November 2017 (+1.6%).