News in end use

The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) shows that builder sentiment in the market for newly built single-family homes increased 3 points to a reading of 37 in December.

New existing-home listings increased 1.3% month-over-month to the highest level since October 2022, on a seasonally adjusted basis, and 0.1% year-over-year, Redfin reported.

Investment in Canadian building construction increased 2.7% month-over-month to $19.4 billion (CAD) in October. Investment in residential building rose 3.9% to $13.4 billion.

StatCan’s national new-home price index declined 0.2% month-over-month in November. Prices were down or unchanged in 25 of the 27 census metropolitan areas.

The Canada Mortgage and Housing Corporation announced that the six-month trend in housing starts was 0.7% higher month-over-month in November, with 257,777 units reported.

National Association of Realtors® Chief Economist Lawrence Yun presented several predictions for 2024 at NAR’s Real Estate Forecast Summit: The Year Ahead.

The 30-year fixed-rate mortgage averaged 6.95%, down from last week when it averaged 7.03%, according to Freddie Mac.

The prices of goods used in residential construction, less energy, increased 0.2% in November, following a 0.4% decline in October, the NAHB and BLS reported.

In Q3, the level of commercial and multifamily mortgage debt outstanding increased 0.8% to $37.1 billion, the Mortgage Bankers Association reported.

The Canadian Real Estate Association announced that home sales recorded over Canadian MLS® Systems declined 0.9% from October to November.