Rental concessions are at their highest level in more than two years despite stronger rental demand, Zillow reports.
News in end use
The Conference Board US Leading Economic Index® Declines Again in October
The Conference Board Leading Economic Index® declined 0.8% in October, after posting declines of 0.7% in September and 0.5% in August.
Housing Starts and Building Permits Rise, While Completions Fall in October
Privately‐owned housing starts in October increased 1.9% to a seasonally adjusted annual rate of 1,372,000,
US Pending Home Sales Climb, but Number of Buyers Backing Out of Deals Grows
US pending home sales rose 1% month-over-month in October to their highest level in a year on a seasonally adjusted basis, Redfin reported.
Canada’s Industrial Product and Raw Materials Price Indexes Both Decline in October
The price of softwood lumber declined 6.4% in October—the largest monthly decrease since March, when it fell 6.7%
US Townhouse Construction Records Best Quarter Since 2007 in Q3
Single-family attached starts totaled 43,000 units in Q3, 16% higher than 2022Q3, according to the Census Bureau and NAHB.
Canadian Unemployment Holds Steady at 5.5% in September
The unemployment rate was unchanged in September, holding at 5.5% for the third month in a row. This follows an increase of 0.5 percentage points from April to July.
Mortgage Applications for New Home Purchases Up Month-Over-Month and Year-Over-Year in October
Mortgage applications for new home purchases increased 6.0% month-over-month and 39.7% year-over-year, the Mortgage Bankers Association reported.
US Builder Confidence Moves Lower for Fourth Consecutive Month in November
The NAHB/Wells Fargo Housing Market Index reported that builder sentiment in the market for newly built single-family homes declined 6 points to a reading of 34 in November.
Mortgage Rates Move Lower for Third Consecutive Week
The 30-year fixed-rate mortgage averaged 7.44%, down from last week when it averaged 7.50%, Freddie Mac reported.