Even as construction jobsites reopen and workers return, the ongoing COVID-19 pandemic is continuing to negatively impact the architectural and construction markets.
News in end use
Home Buyer Sentiment Fluctuates with Surge in COVID-19 Pandemic
U.S. homebuilding increased in June 2020, by the most in nearly four years. Accelerated by rising demand for housing in suburbs and rural areas. The result, of employers allowing employees to work from home, rather than come to the office during the COVID-19 pandemic.
University of Michigan Consumer Sentiment Index Retreats in July to Near April Low Level
The University of Michigan on Friday 7/17 reported the results of their July Consumer Sentiment Index. The Index has suddenly reversed retreating from the promising June level of 78.1 to 73.2, “due to the widespread resurgence of the coronavirus.”
Redfin is Reporting that Year-Over-Year U.S. National Median Home Price at All-Time High
Redfin, the technology-powered real estate brokerage, has reported the national median home price year-over-year in June rose 2.8%, to an all-time high of $311,300.
Bank of Canada Governor’s Low Interest Rates Promise Could Create a Wave of Speculative Home Buying
Bank of Canada Governor Tiff Macklem went on the offensive offering reassurance that interest rate in Canada will remain low for at least the next 2-years.
Single-Family Housing Starts and Permits Up Month-Over-Month in June
The U.S. Census Bureau is reporting that Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,186,000. This is 17.3% above the revised May estimate of 1,011,000, but is -4.0% below the June 2019 rate of 1,235,000.
FEA’s Weekly Order Survey – Dealers Remain Optimistic About Near-Term and Future Sales
Dealers responding to this week’s Weekly Order Survey, continue to report that they remain very optimistic about both their near-term and future sales.
Remodeling Market Remains Upbeat in Second Quarter Aided in Part by COVID-19 Pandemic
The National Association of Home Builders (NAHB) Remodeling Market Index (RMI) for the second quarter of 2020, posted a reading of 73. An indication that more remodelers view conditions as good, rather than poor.
Early Stage Mortgage Delinquencies Reach Highest Level in 21 years, in April
According to a report from CoreLogic®, an Irvine, California, based provider of consumer, financial and property data and analytics to businesses and government, in April 2020, 6.1% of all U.S. mortgages were delinquent by at least 30 days or more.
Mortgage Rates Fall Below 3%, Hitting a 50-Year Low, in the Week Ending July 16th
Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 16th, 2020.