Total existing home sales declined 1.9% month-over-month in April to a seasonally adjusted annual rate (SAAR) of 4.14 million, NAR reported.
News in end use
Mortgage Applications Rise in the Week Ending May 17th—Third Consecutive Increase
Mortgage loan application volume increased 1.9% on a seasonally adjusted basis from one week earlier, MBA reported.
US Single-Family Home Size Continues to Shrink in Q1
The median single-family floor area came in at 2,140 square feet in Q1, the lowest reading since the second half of 2009, the NAHB and Census Bureau reported.
Fannie Mae ESR Group Modifies Expectations for 2024 Housing Activity
The ESR Group expects housing activity will slow modestly compared to previous projections, if the broad upward movement in mortgage rates since the start of the year is sustained.
US Home Prices Climb 7.3% Year-Over-Year in April
US home prices increased 0.5% month-over-month and 7.3% year-over-year, on a seasonally adjusted basis, Redfin reported.
Canadian Consumer Price Index Declines Month-Over-Month in April
Year-over-year, the CPI rose 2.7%, down from a 2.9% gain in March. Broad-based deceleration in headline CPI was led by declines in food prices, cost of services, and durable goods.
US Median Home-Sale Price Increases in April, Setting Yet Another Record
The median US home-sale price increased 6.2% year-over-year to $433,558 in April—the highest level on record—Redfin reported.
Custom Home Building Slows in Q1
There were 34,000 total custom building starts during Q1, NAHB reported. This marks an almost 3% decline compared to 2023Q1.
Share of Mortgage Loans in Forbearance Holds Steady in April
The number of loans in forbearance as of April 30th remained unchanged from March, holding at 0.22% of servicers’ portfolio volume, MBA reported.
Canadian Housing Starts Decline 1.0% Month-Over-Month in April
The seasonally adjusted annual rate for housing starts in Canada decreased 1.0% in April to 240,229 units, down from 242,267 units in March, CMHC reported.