News in end use

The U.S. Census Bureau has reported that privately‐owned housing starts in February were at a seasonally adjusted annual rate (SAAR) of 1,421,000. This is -10.3% below the revised January estimate of 1,584,000 and is -9.3% below the February 2020 rate. Single-family housing starts in February were at a rate of 1,040,000; and this is -8.5% below the revised January figure.

The latest Builder Application Survey (BAS) from the Mortgage Bankers Association (MBA) for February 2021 shows mortgage applications for new home purchases increased 9.2% year-over-year (February 2020 – February 2021).

Statistics Canada (StatsCan) is reporting that manufacturing sales rose 3.1% to $56.2 billion in January, following a 1.3% gain in December. Sales were up in 16 of 21 industries, driven mainly by the wood products, computer and electronic products, and primary metal industries.

Further analysis of the Bureau of Labor Statistics January nonfarm payroll report, provided by the National Association of Home Builders, reveals that nonfarm payroll increased in 36 states in January compared to December, while 14 states and D.C. reported job losses.

The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reports that builder confidence in the market for newly built single-family homes declined 2-point in March, after a 1-point increase in February, to a reading of 82.

The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 6 basis points from 5.20% of servicers’ portfolio volume in the prior week to 5.14% as of March 7, 2021. According to MBA’s estimate, 2.6 million homeowners are in forbearance plans.

The Canadian Mortgage and Housing Corporation (CMHC) is reporting that housing starts in Canada declined in February to 242,777 units, down from January’s 244,962 units. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

The Canadian Real Estate Association (CREA) is reporting that home sales recorded over the Canadian MLS® System rose 6.6% month-over-month (M-O-M), setting another all-time home sales record, in February 2021. Actual activity (not seasonally adjusted) was up year-over-year (Y-O-Y) 39.2%.

Redfin, the Seattle-based technology powered real estate brokerage is reporting that the median home sale price increased 17% year-over-year (Y-O-Y) to $328,350 — an all-time high — for the week ending March 7, 2021. This is the largest increase on record in this data set, which goes back through 2016. New home sales listings were down -17% Y-O-Y.

An in depth look at the U.S. Bureau of Labor Statistics (BLS) Job Opening and Labor Turnover Survey (JOLTS) for January 2021, with analysis provided by the National Association of Home Builders (NAHB) reveals that job openings in construction increased in January to their highest level since the fall of 2019.