According to the BEA’s “second” estimate for Q3, GDP increased at an annual rate of 5.2%. This follows a reported real GDP increase of 2.1% in Q2.
News in end use
US Federal Housing Finance Agency Announces Higher Conforming Loan Limit Values for 2024
The US Federal Housing Finance Agency (FHFA) announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac will acquire in 2024.
FHFA House Price Index Increases 0.6% Month-Over-Month in September
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.
Absorption Rate of New Multifamily Units Increases in Q2 as Completions Near 100,000 Units
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.
S&P CoreLogic Case-Shiller US National Home Price Index Continues Upward Trek in September
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.
US Consumer Confidence Rises in November, Ending a Three-Month Slide
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 US Residential Single-Family Home Sales Down Month-Over-Month but Up Year-Over-Year in October
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.
US Multifamily Built-For-Rent Starts Remain Elevated in Q3
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.
Economies of Canadian Provinces Remain in a Holding Pattern
According reporting by the Financial Post on research by The Conference Board of Canada, Canadian provinces are feeling the pressure of restrictive interest rates.
US Single-Family Home Size Shrinks as Housing Affordability Deteriorates
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.