Home sales recorded over Canadian MLS® Systems declined 1.7% between March and April, coming in a little below the 10-year average, CREA reported.
News in end use
US Producer Price Index for Final Demand Increases in April
The Producer Price Index (PPI) for final demand, seasonally adjusted, increased 0.5% in April. This follows a 0.1% decline in March and an advance of 0.6% in February.
US Building Materials Costs in Residential Construction a Mixed Bag in April
The prices of goods used in residential construction, less energy, increased for the sixth consecutive month in April, the BLS and NAHB reported.
Mortgage Applications for New Home Purchases Move Higher in April
Mortgage applications for new-home purchases increased 22.1% month-over-month and 2.0% year-over-year, MBA reported.
NFIB Small Business Optimism Index Inches Higher in April, but Remains Below 50-Year Average
The NFIB Small Business Optimism Index increased 1.2 points in April to a reading of 89.7, the first increase of 2024 but the 28th consecutive month below the 50-year average.
Value of Canadian Building Permits Declines in March
The total value of building permits in Canada declined 11.7% month-over-month to $10.5 million (CAD) in March.
US Land Acquisition, Development, and Construction Financing Costs Increase in Q1
Land acquisition, development, and construction (AD&C) financing tightened slightly and remained costly during Q1, NAHB reported.
Canadian Employment Increases 0.4% in April; Unemployment Steady at 6.1%
Employment in Canada rose by 0.4%, or 90,000 jobs, in April, following little change in March.
University of Michigan Reports Preliminary Results of Its Consumer Sentiment Index for May
The University of Michigan Index of Consumer Sentiment declined to a reading of 67.4 in May. This is a month-over-month decline of 12.7% but up 14.2% year-over-year.
Fixed-Rate Mortgages Decline for the First Time in Five Weeks
The 30-year fixed-rate mortgage averaged 7.09%, down from last week when it averaged 7.22%, Freddie Mac reported.