Existing-home sales rose 2.2% in December to a seasonally adjusted annual rate of 4.24 million.
News in end use
University of Michigan Releases the Final Results of Its Consumer Sentiment Index for January
The University of Michigan’s Index of Consumer Sentiment declined to a reading of 71.1 in January, down 3.9% from December.
Canadian New-Home Prices Fall 0.1% in December
Canada’s New Housing Price Index declined 0.1% but increased 0.1% year-over-year in December.
Earnings Needed to Afford a Typical US Apartment at Lowest Level Since March 2022
Renters now need to earn $63,680 annually to afford the median US apartment rent of $1,592, the lowest level for the latter figure since March 2022, Redfin reported.
Construction Costs of a New US Single-Family Home Increased in 2024
Construction costs made up 64.4% of the average home price in 2024, an increase from 60.8% in 2023, NAHB reported.
US Mortgage Rates Retreat in the Week Ending January 23
The 30-year fixed-rate mortgage averaged 6.96%, down from last week when it averaged 7.04%, Freddie Mac reported.
US Weekly Initial Jobless Claims Increase in the Week Ending January 18
The advance figure for seasonally adjusted initial unemployment claims was 223,000, an increase of 6,000 from the previous week’s unrevised level.
Number of Canadians Receiving Employment Insurance Declines in November
482,000 Canadians received regular Employment Insurance (EI) benefits in November, down 0.9%.
Leading Indicator of Remodeling Activity Points to Moderate Growth in 2025
The LIRA projects that year-over-year spending for home renovation and repair will increase 1.2% in 2025, the JCHS of Harvard University reported.
Canadian Industrial Product and Raw Materials Price Indices for December
Lumber and other wood products prices increased 1.3% in December, the fifth straight monthly increase for the product group.