A family earning the nation’s median household income of $97,800 needed 38% of its income to cover the mortgage payment on a median-priced new home, NAHB/Wells Fargo reported.
News in end use
US Weekly Initial Jobless Claims Increase in the Week Ending February 15
The advance figure for seasonally adjusted initial unemployment claims was 219,000, an increase of 5,000 from the previous week’s revised total.
US Housing Starts Fall 9.8% in January; Permits Hold Steady and Completions Rise
Housing starts in January were at a seasonally adjusted annual rate of 1,366,000. This is 9.8% below the revised December estimate of 1,515,000.
US Home Prices Rise 0.6% Month-Over-Month in January
US home prices rose 0.6% month-over-month in January on a seasonally adjusted basis, a tick faster than the 0.5% growth in each of the three months prior, Redfin reported.
US Mortgage Applications Decline in the Week Ending February 14
Mortgage loan application volume decreased 6.6% on a seasonally adjusted basis from one week earlier, MBA reported.
US Builder Confidence Drops to Five-Month Low in February
The NAHB/Wells Fargo Housing Market Index declined 5 points to a reading of 42, the lowest level in five months.
Canadian Existing-Home Sales Decline Just as New Listings Surge in January
Existing-home sales activity recorded over Canadian MLS® Systems was down 3.3% in January, CREA reported.
Canadian Consumer Price Index Increases 1.9% Year-Over-Year in January
The Consumer Price Index (CPI) rose 1.9% year-over-year in January, following an increase of 1.8% in December.
Canadian Housing Starts Rise 3% in January
The total monthly seasonal adjusted annual rate of housing starts for all areas in Canada increased 3% in January to 239,739 units, CMHC reported.
Credit Availability Tightened for US Builders in Q4
Credit tightened further in Q4, according to NAHB and Federal Reserve surveys.