News in end use

Mortgage loan application volume increased 1.9% on a seasonally adjusted basis from one week earlier, MBA reported.

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.

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.