News in end use

The median US asking rent in October was 3.7% below the record high of $2,054 set in August 2022 and down 0.3% from a year ago, Redfin reported.

Consumer credit outstanding growth slowed to a seasonally adjusted annual rate (SAAR) of 0.4% in Q3, according to the Fed and NAHB analysis.

Fannie Mae’s Home Purchase Sentiment Index® (HPSI) inched 0.4 points higher to a reading of 64.9 in October.

In Q3, Commercial and multifamily originations were down 49% year-over-year and 7% when compared to Q2, according to the Mortgage Bankers Association.

Construction sector employment increased by 23,000 in October, following a gain of 13,000 in September, according to the NAHB and Census Bureau.

Nearly 7% of homes for sale posted a price drop during the four-week period ending on October 29th, Redfin reported.

Total nonfarm payroll employment increased by 150,000 in October. The unemployment rate increased 0.1% to a reading of 3.9%.

In October, employment increased by 18,000 jobs, or 0.1%. This follows an increase of 64,000 jobs, or 0.3%, in September.

The national vacancy rate in Q3 was 6.6% for rental housing and 0.8% for homeowner housing.

30.6% of single-family homes for sale in Q3 were new construction, the highest share of any Q3 on record, Redfin reported.