According to Redfin, the Seattle-based nationwide real estate brokerage firm, the housing inventory crunch continues to grow in the new year and in all sectors of the market. Especially hard hit has been rural areas, where city dwellers currently seem to be drawn and which recently set a new record low for available inventory.
News in end use
Year-Over-Year Total Construction Spending Increased 5.7%
The U.S. Census Bureau is reporting that total construction spending during December 2020 was estimated at a seasonally adjusted annual rate of $1,490.4 billion, 1.0% above the revised November estimate of $1,475.6 billion. The December figure is 5.7% above the December 2019 estimate.
Canada’s Industrial Products Price Index Increased 1.5% in December Led by Wood Products, Energy and Petroleum
According to Statistics Canada (StatCan) prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI) rose 1.5% in December, following a -0.5% decrease in November. This was the strongest monthly gain since November 2017 (+1.6%).
Housing Helped U.S. GDP Recover and Grow in 2020
An in depth look, provided by the National Association of Home Builders (NAHB), on buildings impact on the Bureau of Economic Analysis (BEA) Q4 2020 Gross Domestic Product (GDP) report, reveals that housing was one of the bright spots in the overall US economy.
U.S. Bureau of Economic Analysis Reports on Personal Income and Outlay for December 2020
The U.S. Bureau of Economic Analysis (BEA) on Friday (1-29-21) released its Personal Income and Outlays Report for December 2020. According to the BEA estimates personal income increased $116.6 billion (0.6%) in December.
Pending Home Sales Edge Lower in December but Up 21.4% for all of 2020
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 for the fourth straight month in a row failing -0.3% in December to a reading of 125.5.
Gross Domestic Product Increases in Q4 2020 but Year-Over-Year Declines -3.5%
According to the “advanced” estimate released today (1-28-21) by the U.S. Bureau of Economic Analysis real gross domestic product (GDP) increased at an annual rate of 4% in Q4 of 2020.
Mortgage Rates Move Lower Again in Week Ending January 28th, 2021
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending January 28th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.73% with an average 0.7 point, down from last week when it averaged 2.77%.
New Single-Family Residential Home Sales Increase in December 2020 and Year-Over-Year
The U.S. Census Bureau has reported new residential single-family home sales for December 2020 were at a SAAR of 842,000, according to estimates.
Weekly Jobless Claims Decline in the Week Ending January 23rd, 2021
The U.S. Department of Labor is reporting that an additional 847,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, January 23rd.