News in end use

The Federal Housing Finance Agency House Price Index increased 5.5% between 2022Q3 and 2023Q3. House prices were up 2.1% when compared to 2023Q2.

Of the 99,290 unfurnished, unsubsidized apartments completed in Q2, 65% were absorbed into the market in the first three months following completion, according to US Census Bureau data review by the NAHB.

The S&P CoreLogic Case-Shiller US National Home Price NSA Index saw an annual gain of 3.9% in September, up from an annual gain of 2.5% posted in August.

The Conference Board Consumer Confidence Index® rose to a reading of 102.0 in November, up from a downwardly revised October reading of 99.1.

New residential single-family home sales for October were at a SAAR of 679,000, 5.6% below the revised September rate of 719,000.

There were 104,000 multifamily construction starts in Q3, of which 101,000 units were built-for-rent, according to the Census Bureau and NAHB.

According reporting by the Financial Post on research by The Conference Board of Canada, Canadian provinces are feeling the pressure of restrictive interest rates.

The median single-family square floor area was 2,221 square feet in Q3, close to the lowest reading since the end of 2010, according to the US Census Bureau and NAHB.

The average US asking rent declined slightly for the second consecutive month in October, slipping $3 to $1,718. Year-over-year, growth moderated at 0.4%, down from 0.8% in September and from 6.5% in December 2022.

Accordinf to Fannie Mae’s Economic and Strategic Research (ESR) Group, economic growth will likely decelerate and ultimately result in a mild recession in 2023, followed by a return to growth in 2025.