According to the ESR Group, stronger than expected economic and inflation data have pushed rates higher and financial markets to price in fewer cuts this year.
News in end use
Commercial and Multifamily Borrowing Decline Sharply in 2023; Off to a Slow Start in 2024
Total commercial real estate mortgage borrowing and lending is estimated to have totaled $429 billion in 2023, a 47% decline from 2022, MBA reported.
Canadian Industrial Product and Raw Materials Price Indexes Post Month-Over-Month Increases in March
The Industrial Product Price Index (IPPI) increased 0.8% on a monthly basis, following a 1.1% increase in February. Year-over-year, the IPPI posted a 0.5% decline.
Canada’s New Housing Price Index Unchanged in March
The Canadian New Housing Price Index was unchanged month-over-month but down 0.4% year-over-year in March.
Canadian Investment in Building Construction Declines in February
Investment in Canadian building construction declined 1.1% month-over-month to $19.3 billion in February.
US Median Home Sales Price Increases 5% Year-Over-Year—Just Shy of All-Time High
The median price increased 5% year-over-year to $380,250, just $3,095 shy of the all-time high in June 2022.
State-Level Analysis of Construction Sector Employment for March
36 states and DC saw month-over-month gains in March, the BLS and NAHB reported. Overall, the industry added a net 39,000 jobs.
30-Year Fixed-Rate Mortgages Surpass 7%
The 30-year fixed-rate mortgage averaged 7.10%, up from last week when it averaged 6.88%, Freddie Mac reported.
US Existing-Home Sales Decline Month-Over-Month and Year-Over-Year in March
US existing-home sales fell 4.3% month-over-month in March to a seasonally adjusted annual rate of 4.19 million, NAR reported.
The Conference Board US Leading Economic Index® Declines Unexpectedly in March
The Conference Board Leading Economic Index® (LEI) decreased 0.3% in March, following a 0.2% increase in February.