News in end use

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 increased 0.5% month-over-month and 7.3% year-over-year, on a seasonally adjusted basis, Redfin reported.

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.

The median US home-sale price increased 6.2% year-over-year to $433,558 in April—the highest level on record—Redfin reported.

There were 34,000 total custom building starts during Q1, NAHB reported. This marks an almost 3% decline compared to 2023Q1.

The number of loans in forbearance as of April 30th remained unchanged from March, holding at 0.22% of servicers’ portfolio volume, MBA reported.

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.

Investment in building construction increased 4.5% month-over-month to $20.4 billion (CAD) in March.

There were approximately 18,000 single-family built-for-rent starts during Q1, 20% higher than 2023Q1, the Census Bureau and NAHB reported.

The Conference Board Leading Economic Index® decreased by 0.6% to 101.8 (2016=100) in April, following a 0.3% decrease in March.