News in end use

According to the Federal Housing Finance Agency’s all-transactions House Price Index, US house prices increased 6.3% between 2023Q1 and Q1.

The index rose to a reading of 54 last week, the highest level since May 2022. Over the last month, the index has gained 3 points.

The May HSPI decreased 2.5 points to 69.4 as the component measuring consumer attitudes toward homebuying conditions fell markedly, reaching an all-time survey low.

Residential construction gained 3,500 jobs, and nonresidential construction employment added 17,100 jobs, the BLS and NAHB reported.

Total nonfarm payroll employment increased by 272,000 in May. This is above the average monthly gain of 232,000 over the prior 12 months.

The total number of employed Canadians increased 0.1%, or by 27,000 positions, in May. However, the employment rate declined 0.1 percentage points to 61.3%.

MBA released its Mortgage Credit Availability Index report for May. According to the MCAI, which analyzes data from ICE Mortgage Technology, mortgage credit availability increased in May.

The 30-year fixed-rate mortgage averaged 6.99%, down from last week when it averaged 7.03%.

Fannie Mae released its Q2 Home Price Expectation Survey. Following home price growth of 6.6% in 2023, the panel forecasts annual national home price growth of 4.3% in 2024 and 3.2% in 2024.

US-based employers announced 63,816 job cuts in May, a 1.5% decline from the 64,789 job cuts reported in April. This is also a 20.0% decline from the 80,089 job cuts announced in May 2023.