Total construction spending in April was 2.9% below the previous month but 3.0% above April 2019.
News in end use
Single-Family Builders Turn to Incentives to Improve Sales and Limit Cancellations
More than half of single-family homes builders reported that they are using some form of incentives to improve sales.
Personal Income Surges 10.5% in April
Data recently released by the Bureau of Economic Analysis (BEA) is reporting that personal income surged in April to a seasonally adjusted annual rate (SAAR) of $ 20,674 billion.
International Monetary Fund Warns of Skewed Data due to COVID-19
According to its weekly blog post, the International Monetary Fund (IMF) is warning that key economic indicators may be skewed and perhaps less accurate, in the wake of the COVID-19 pandemic.
Home Prices Increase in 96% of U.S. Metro Areas in First Quarter of 2020
According to the latest quarterly report by the National Association of Realtors® (NAR), almost all of the nation’s metro areas experienced price growth and had minimal inventory increases in the first quarter of 2020.
FEA’s Weekly Order Survey Shows May Sales Better than Initially Estimated
Many dealers are reporting that their May sales are better than they had initially estimated. The same holds true for April’s overall housing data.
Weekly Jobless Claims Rise Another 2.123 Million for Week Ending May 23rd
The U.S. Department of Labor is reporting that an additional 2.123 million Americans made their initial filing for unemployment benefits during the week ending on Saturday May 23rd.
Pending Homes Sales Tumble 21.8% in April
The National Association of Realtors® (NAR) has reported Pending Homes Sales Index (PHSI) declined -21.8% to 69.0 in February.
Mortgage Rates Hit Another All-Time Low
Housing starts, sales and prices are all expected to plunge until a recovery, which is expected to start sometime in mid-2021, gets underway.
Mortgage Rates Return to a Nearly a 50-year Low
The Primary Mortgage Market Survey shows that 30-year fixed-mortgage rate averaged 3.15% with an average 0.8 point, down from last week when it averaged 3.24%.