The National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) is reporting that the shift to suburban home building — which was first reported in Q2 2020 — is the result of buyers’ growing preferences to live in lower density, lower cost markets and the results of the impact of the COVID-19 pandemic, continued through the balance of 2020.
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Construction Spending Up 1.7 % Month-Over Month and 5.8% Year-Over-Year
The U.S. Census Bureau has announced that total construction spending during January 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,521.5 billion, 1.70 above the revised Decembre estimate of $1,496.5 billion.
Personal Incomes Rises 10% in January Thanks to Stimulus Payments
A deeper examination of recently released data from the Bureau of Economic Analysis (BEA) reveals that personal income rose in January to a seasonally adjusted annual rate (SAAR) of $21.454 billion.
Newly Listed Homes For Sale Hit New All-Time Record High During 4-week Period Ending February 21, 2021
Redfin, the Seattle-based technology-powered residential real estate company, is reporting for the 4-week period ending 2-21-21, the average asking prices of newly listed homes hit a new all-time high of $343,961, up 11% year-over-year.
Builder and Developer Confidence in the Multifamily Housing Market Decline in Q4 2020
According to the results of the latest National Association of Home Builders (NAHB) Multifamily Market Survey (MMS), builders and developer confidence in the multifamily market fell in Q4 of 2020. The MMS is broken into two separate indices: The Multifamily Production Index (MPI), which fell 5 points to 43; and the Multifamily Vacancy Index (MVI), which edged down two points to 42.
Led by Higher Prices for Wood Products, Canada’s Industrial Product Price Index Increased 2% in January
Statistics Canada (StatsCan) reported today (2/26/21) that prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 2.0% in January. This is the result of higher prices for lumber and other wood products, as well as energy and petroleum products.
University of Michigan Consumer Sentiment Ends February -2.8% below January’s Reading
The Index of Consumer Sentiment is at a reading of 76.8. This is below January’s reading of 79.0 (-2.8%) and down from February 2020 reading of 101.0 (-24.0%).
Federal Housing Finance Agency Extends Forbearance Period to 18-Months
The Federal Housing Finance Agency (FHFA) on Thursday (2/25/21), announced that borrowers with mortgages backed by Fannie Mae and Freddie Mac may be eligible for an additional forbearance extension of up to six months. On February 9th, the FHFA extended forbearance plans an additional three months beyond their initial 12-month expiration.
Real GDP Increases 4.1% in Q4 2020 in Bureau of Economic Analysis “Second” Estimate
According to the “second” estimate released by the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 4.1% in Q4 of 2020.
30-Year Mortgage Rate Increases to 2.97% in the Week Ending February 25, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 25th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.97% with an average 0.6 point, up from last week when it averaged 2.81%.