News in end use

61.9% of homes for sale in May had been listed for at least 30 days without going under contract, Redfin reported. That is up 60% from one year earlier and approximately 50% from two years earlier.

Mortgage loan application volume increased 15.6% on a seasonally adjusted basis from one week earlier, MBA reported.

The total value of building permits in Canada increased 20.5% month-over-month to $12.8 billion (CAD) in April.

Total outstanding US debt stood at $5.05 trillion in Q1, increasing at an annualized rate of 1.86% (seasonally adjusted), the Federal Reserve and NAHB reported.

The median US asking rent rose 0.8% year-over-year to $1,653 in May, the highest level since October 2022, Redfin reported.

The National Federation of Independent Business Small Business Optimism Index increased 0.8 points in May to a reading of 90.5 but remained below the 50-year average of 98.0.

According to the Federal Housing Finance Agency’s all-transactions House Price Index, US house prices increased 6.3% between 2023Q1 and Q1.

The index rose to a reading of 54 last week, the highest level since May 2022. Over the last month, the index has gained 3 points.

The May HSPI decreased 2.5 points to 69.4 as the component measuring consumer attitudes toward homebuying conditions fell markedly, reaching an all-time survey low.

Residential construction gained 3,500 jobs, and nonresidential construction employment added 17,100 jobs, the BLS and NAHB reported.