Existing-home sales increased 3.4% to a seasonally adjusted annual rate of 3.96 million in October, NAR reported. Sales also posted the first year-over-year gain since July 2021.
News in end use
Canadian Industrial Product and Raw Materials Price Indices for October
Prices for lumber and other wood products increased 1.3%, marking the third consecutive monthly gain.
Fannie Mae ESR Group Revises Its Housing Market Outlook for 2025
The ESR Group now expects existing-home sales to increase only 4.0% next year from a 2024 pace that is on track for a nearly 30-year low.
US Mortgage Rates Resume Upward Trek in the Week Ending November 21st
The 30-year fixed-rate mortgage averaged 6.84%, up from last week when it averaged 6.78%, MBA reported.
US Weekly Initial Jobless Claims Decline in the Week Ending November 16th
The advance figure for seasonally adjusted initial unemployment claims was 213,000, a decrease of 6,000 from the previous week’s revised level.
Typical Family Needs to Spend 38% of Income on House Payments, Cost of Housing Index Shows
A family earning a median income needed 38% of their income to cover the mortgage payment on a median-priced new home in Q3, NAHB and Wells Fargo reported.
The Conference Board’s US Leading Economic Index Edges Lower in October
The Conference Board Leading Economic Index (LEI) declined 0.4% to a reading of 99.5 (2016=100) in October, following a 0.3% decline in September (revised up from a 0.5% decline).
Investment in Canadian Building Construction Increases 2.1% in September
Investment in building construction in Canada rose 2.1% to $21.6 billion (CAD) in September, following a 0.2% increase in August.
US Home Prices Increase 5.9% Year-Over-Year in October
US home prices grew 0.5% month-over-month in October on a seasonally adjusted basis, matching September’s increase, Redfin reported.
Mortgage Applications Increase in the Week Ending November 15th
Mortgage loan application volume increased 1.7% on a seasonally adjusted basis from one week earlier, MBA reported.