News in end use

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%.

The University of Michigan Index of Consumer Sentiment declined to a reading of 77.2 in March, a month-over-month decline of 2.8% but up 21.2% year-over-year.

The National Association of Realtors Pending Homes Sales Index was 3.4% higher in March, rising to a reading of 78.2.

The 30-year fixed-rate mortgage averaged 7.17%, up from last week when it averaged 7.10%, Freddie Mac reported.

GDP increased at an annual rate of 1.6% in Q1, following a reported real GDP increase of 3.4% in 2023Q4.