News in end use

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.

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.

The 30-year fixed-rate mortgage averaged 7.29%, down from last week when it averaged 7.44%, according to Freddie Mac.

Mortgage loan application volume increased 3.0% on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.

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.

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.

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.

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.

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.