News in end use

Mortgage loan application volume increased 3.7% on a seasonally adjusted basis from one week earlier, MBA reported.

The Mortgage Bankers Association expects total commercial/multifamily borrowing and lending to rise to $576 billion in 2024, a 29% increase from 2023.

The US resident population grew by 1.63 million in 2023 to total population of 334.91 million, the Census Bureau and NAHB reported.

The Redfin Home Price Index climbed 0.4% month-over-month in December—the smallest increase since June 2023. Year-over-year, prices increased 6.6%.

Across the 48 states reporting construction sector jobs data (both residential and nonresidential construction), 32 states saw month-over-month gains, BLS and NAHB reported.

The total number of loans in forbearance as of December 31st, 2023, decreased 3 basis points to 0.23% of servicers’ portfolio volume, MBA reported.

StatCan’s New Housing Price Index (NHPI) was unchanged month-over-month in December, but prices were 0.9% lower year-over-year.

The Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University has released its quarterly Leading Indicator of Remodeling Activity (LIRA).

The Conference Board Leading Economic Index® (LEI) declined 0.1% in December to a reading of 103.1 (2016=100), following a decline of 0.5% in November.

According to the ESR Group, the housing market is expected to begin a gradual return to a more normal balance in 2024, following years of substantial movement.