News in end use

New residential single-family home sales for October were at a SAAR of 679,000, 5.6% below the revised September rate of 719,000.

There were 104,000 multifamily construction starts in Q3, of which 101,000 units were built-for-rent, according to the Census Bureau and NAHB.

According reporting by the Financial Post on research by The Conference Board of Canada, Canadian provinces are feeling the pressure of restrictive interest rates.

The median single-family square floor area was 2,221 square feet in Q3, close to the lowest reading since the end of 2010, according to the US Census Bureau and NAHB.

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.