Recently released US Census Bureau data, with additional analysis by the NAHB, reveal a slowing market for custom home building after recent gains in market share.
News in end use
Mortgage Rates Move Lower for the Fourth Week in a Row
The 30-year fixed-rate mortgage averaged 7.29%, down from last week when it averaged 7.44%, according to Freddie Mac.
Mortgage Applications Climb in the Week Ending November 17th—Third Consecutive Increase
Mortgage loan application volume increased 3.0% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.
University of Michigan Reports Final Results of Its Index of Consumer Sentiment for November
The University of Michigan Index of Consumer Sentiment declined to a reading of 61.3 in November, down from 63.8 in October. This is a month-over-month decline of 3.9% but up 8.1% year-over-year.
US Weekly Jobless Claims Drop in the Week Ending November 18th
The advance figure for seasonally adjusted initial unemployment claims was 209,000 during the week ending November 18th, a decrease of 24,000 from the previous week.
US Existing-Home Sales Drop Month-Over-Month and Year-Over-Year in October
Existing-home sales recorded a 4.1% decline in October from September to a seasonally adjusted rate of 3.79 million homes, according to the National Association of Realtors.
Shares of Mortgage Loans in Forbearance Decline Further in October
The total number of loans in forbearance as of October 31st decreased 2 basis points to 0.29% of servicers’ portfolio volume, down from 0.31% in September, according to the Mortgage Bankers Association.
Canadian New-Home Prices Unchanged in October
StatCan’s New-Housing Price Index was unchanged in October. Of the 27 census metropolitan areas (CMAs), 22 were unchanged and the remaining 5 were higher.
Canadian All-Items Consumer Price Index Increases 3.1% Year-Over-Year in October
The Consumer Price Index (CPI) increased 3.1% year-over-year but was down from September’s 3.8% gain.
Investment in Building Construction in Canada Increases in September
Investment in building construction increased 5.3% to $18.9 billion (CAD) in September. Residential building construction was up 7.3% to $12.9 billion.