News in end use

Annual spending for improvements and repairs to owner-occupied homes is expected to decrease at a moderate rate over the coming year, according to the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

New listings climbed 1.4% month-over-month in September, Redfin reported. This is the largest increase since February 2022, on a seasonally adjusted basis.

27 states reported month-over-month employment gains in September, the National Association of Home Builders reported.

Delinquency rates for mortgages backed by commercial and multifamily properties increased during Q3, according to the Mortgage Bankers Association.

The Mortgage Bankers Association reported that mortgage applications for new home purchases declined 12.0% month-over-month but were up 14.9% year-over-year in September.

Investment in Canadian building construction increased 1.1% to $17.9 billion (CAD) in August.

Total commercial and multifamily mortgage borrowing and lending is expected to fall 46% to $442 billion this year, the Mortgage Bankers Association reported.

There were 448,000 Canadians receiving regular Employment Insurance benefits in August, up 9,100, or 2.1%, from July.

2023 will likely end with roughly 4.1 million existing home sales nationwide, Redfin reported.

Total existing-home sales recorded a 2.0% month-over-month decline in September to a seasonally adjusted rate of 3.96 million homes, the National Association of Realtors® reported.