News in end use

On Wednesday (5-1-24), The U.S. Census Bureau reported that total construction spending during March 2024 was estimated at a seasonally adjusted annual rate (SAAR) of $2,083.9 billion, 0.2% below the revised February estimate of $2,087.8 billion.

According to the report national vacancy rates in Q1 2024 were 6.6% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was not statistically different from the rate in Q1 2023 when it was at 6.4%, and virtually the same as the rate in the Q4 2023 reported as 6.6%.

The Conference Board, a non-partisan, not-for-profit think tank, founded in 1916, on Tuesday (4-30-24), released its Consumer Confidence Index® (CCI) for April 2024. The CCI Index declined in April for the third consecutive month, falling to a reading of 97.0 from a downwardly revised March reading of 103.1.

On Tuesday (4-30-2024),  S&P CoreLogic Case-Shiller released its U.S. National Home Price NSA Index for February 2024. The Index which covers all nine U.S. Census divisions, revealed that 18 out of the 20 major metro markets reported month-over-month (Jan. 24 – Feb. 24) price increases.

The Federal Housing Finance Agency (FHFA) reported on Tuesday (4-30-24), its House Price Index (FHFA HPI®) for February 2024. According to the HPI, U.S. home prices increased 1.2% from January. Year-over-year (Feb.23 – Feb. 24) U.S. house prices increased 7.0%.

Statistics Canada (StatCan) reported on Tuesday (4-30-24), that Canadian real gross domestic product (GDP) increased 0.2% in February, following a 0.5% gain in January. Overall, 12 of the 20 sectors reported increases in February.

The new NAHB estimates show that affordable housing is a serious problem even before any further price or interest rate increases.

Redfin reported that in the four-week period ending April 21st, the median existing-home sales price hit a record $383,725, up 5.2% from a year earlier.

The MBA’s Purchase Applications Payment Index rose 0.8% to a reading of 174.2 in March, up from February’s reading of 172.8.

Personal income increased 0.5% month-over-month in March; disposable personal income increased 0.5%; and personal consumption expenditures increased 0.8%.