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.
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Builder Confidence Declines in March but Remains Elevated
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.
Shares of Mortgages in Forbearance Decline Further in Week Ending March 7, 2021
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.
Canadian Housing Starts Decline in February, following January’s Strong Performance
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.
Canadian Home Sales Set New All-Time Record in February
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%.
Median Home Sale Price at All-Time Record High in Week Ending March 7, 2021
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.
JOLTS Reports Construction Job Openings Rate Increases in January
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.
Bureau of Labor Statistics Reports Producer Price Index for Final Demand Increased 0.5% in February 2021
The Bureau of Labor Statistic reported today, Friday March 12th, 2021, that the Producer Price Index for final demand seasonally adjusted increased 0.5% in February. This rise followed advances of 1.3% in January and 0.3% in December.
First Time Home Buyers Currently Make up 43% of New Home Market
Results of the February survey for the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) reveals that first-time home buyers comprise ~43% of the new home market. The average first-time buyer share has trended upward steadily since NAHB began using the current methodology to measure it in 2016.
Fannie Mae Tightens Standards Loans on Investment Property
In a letter sent to sellers on Wednesday (3-10-21), Fannie Mae, the government sponsored entity (GSE), said it was tightening the underwriting criteria for second homes and investment properties.