News in end use

Commercial and multifamily mortgage loan originations in Q1 were basically unchanged year-over-year but were down 23% when compared to 2023Q4, MBA reported.

The advance figure for seasonally adjusted initial claims was 231,000 during the week ending May 4th, an increase of 22,000 from the previous week.

Mortgage loan application volume increased 2.6% on a seasonally adjusted basis from one week earlier, MBA reported.

According to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI), mortgage credit availability increased in April.

The Fannie Mae Home Purchase Sentiment Index® was unchanged in April, holding at a reading of 71.9, and is showing signs of plateauing once again.

The Associated Builders and Contractors reviewed the Bureau of Labor Statistics nonfarm payroll report for April.

The median sale price rose to a near-record $383,188 in the four-week period ending April 28th, up 4.8% year-over-year, Redfin reported.

Construction sector employment increased by 9,000 jobs in April, following a revised gain of 40,000 in March, the BLS and NAHB reported.

Total nonfarm payroll employment increased by 175,000 in April. This is below the average monthly gain of 242,000 over the prior 12 months.

For the second consecutive year, real GDP grew in every province in Canada, except Newfoundland and Labrador, albeit at a slower pace than 2022 for most areas.