In the four-week period ending May 26th, an average of 6.4% of home sellers cut their asking price, the highest share since November 2022, Redfin reported.
News in end use
US Pending Home Sales Drop 7.7% in April
The National Association of Realtors Pending Homes Sales Index fell 7.7% month-over-month, dropping to a reading of 72.3.
US Weekly Jobless Claims Edge Higher in the Week Ending May 25th
The advance figure for seasonally adjusted initial unemployment claims was 219,000, an increase of 3,000 from the previous week.
Canadian Payroll Employment and Job Vacancies Data for March
The number of employees receiving pay and benefits increased 0.3% in March, or 51,400 positions, following an increase of 0.1%, or 14,600, in February.
Mortgage Applications Decline in the Week Ending May 24th
Mortgage loan application volume decreased 5.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6.3% compared with the previous week.
S&P CoreLogic Case-Shiller US National Home Price NSA Index Posts 6.5% Annual Gain in March
The S&P CoreLogic Case-Shiller US National Home Price NSA Index reported an annual gain of 6.5% in March, following a 6.5% increase in February.
US Consumer Confidence Index Moves Higher in May, Ending Streak of Three Consecutive Declines
The Consumer Confidence Index® increased to 102.0 (1985=100) in May, up from an upwardly revised April reading of 97.5.
FHFA House Price Index Up 6.6% Year-Over-Year in Q1
The FHFA House Price Index rose 6.6% between 2023Q1 and 2024Q1. Prices were up 1.1% compared to 2023Q4.
Canadian Industrial Product and Raw Materials Price Indexes for April
Lumber and other wood products had the largest downward impact on the IPPI’s month-over-month movement in April, falling 1.3%.
BC Moves to Streamline and Standardize the Local Building Permit Process
BC announced a new digital Building Permit Hub to help streamline the permitting process and to get more homes built faster.