News in end use

Redfin said existing-home sales rose 0.7% in November, reaching a seasonally adjusted annual rate of 4,269,850—the highest level since March 2023.

Mortgage loan application volume declined 0.7% on a seasonally adjusted basis from one week earlier, MBA reported.

The NAHB/Wells Fargo Housing Market Index (HMI) held steady at a reading of 46 in December, unchanged from November.

The seasonally adjusted annual rate of housing starts was up 8.0% in November at 262,443 units, CMHC reported.

The Consumer Price Index (CPI) rose 1.9% year-over-year in November, down from a 2.0% increase in October.

Mortgage applications for new home purchases declined 12.0% in November but were up 7.2% year-over-year, MBA reported.

According to the ESR Group, affordability and the “lock-in effect” are expected to keep housing activity subdued in 2025, with existing-home sales forecast to move only slightly upward.

Existing-home sales rose again in November, building on October’s surprising jump, CREA reported. Sales were up 2.8% and now stand a cumulative 18.4% above May.

Job vacancies declined 5.5% in Q3, representing 31,900 fewer positions and bringing the total to 546,100 open roles. This marks the ninth consecutive quarterly decline.

Asking rents for newly constructed apartments rose 1.5% in Q3—the biggest year-over-year increase in 18 months—to a median $1,802, Redfin reported.