The U.S. Census Bureau is reporting that total construction spending during April 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,524.2 billion, 0.2% above the revised March estimate of $1,521.0 billion.
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Canadian Industrial Product Price Index Moves Higher in April Thanks to Increased Lumber and Wood Product Costs
Statistics Canada is reporting that prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI) rose 1.6% month over month in April and was 14.3% higher when compared with April 2020.
Loan Rates for Development and Construction Continued to Decline in Q1 of 2021
According to builders and developers responding to the National Association of Builder’s Survey on Acquisition, Development & Construction (AD&C) Financing continued to report declining interest rates in Q1 of 2021.
Over 50% of the Homes Sold Above Listing Price in 4-Week Period Ending May 23, 2021
Redfin, the Seattle-based technology powered real estate brokerage, is reporting that for the 4-week period ending on May 23, 2021, a record high of 51% of homes sold for more than their list price — up from 26% from a year ago.
Bureau of Economic Analysis Reports Personal Income Decreased $3.21 trillion or -13.1% in April
The Bureau of Economic Analysis (BEA) today, Friday, May 28, 2021, reported that according to their latest estimates that Personal Income decreased $3.21 trillion or -13.1% in April. Disposable Personal Income (DPI) decreased $3.22 trillion, or -14.6%; and Person Consumption Expenditures (PCE) increased $80.3 billion or 0.5%.
Final Index of Consumer Sentiment in May Drops -6.1% Month-Over-Month; Rises 14.7% Year-Over-Year
The University of Michigan released today (5-28-21) its final Index of Consumer Sentiment (ICS) for May 2021. Month-over-month, the ICS declined -6.1% from 88.3 in April to 82.9 in May. When compared to May 2020, the ICS increased 14.7% from May 2020 reading of 72.3.
Pending Homes Sales Index Drops -4.4% in April
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 -4.4% in April 2021 to a reading of 106.2. The PHSI has now declined three out of the past four months.
Real Gross Domestic Product for Q1 2020 Reported at 6.4% in “Second” Estimate
The Bureau of Economic Analysis (BEA) released today (5-27-21) its “second” estimate of real gross domestic product (GDP) for Q1 if 2020. BEA reports it at an annual rate of 6.4%. This is unchanged from their initial “advance” estimate released last month.
Mortgage Rates Drop Below 3% in the Week Ending May 27, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 27, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.95% with an average 0.7 point, down from last week when it averaged 3.00%. A year ago, at this time, the 30-year FRM averaged 3.15%.
Weekly Jobless Claims Decline in the Week Ending May 22, 2021
The U.S. Department of Labor is reporting that an additional 406,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, May 22, 2021 — a decrease of 38,000 from the previous week’s unrevised level.