US home prices increased 0.5% in November on a seasonally adjusted basis, marking the third consecutive month of 0.5% growth, Redfin reported.
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US Housing Affordability Improved Modestly in 2024 but Remains Out of Reach for Many
A household earning the median income in 2024 would need to allocate 41.8% of their income toward the cost of a typical home, slightly down from 42.2% in 2023, Redfin reported.
US Pending Home Sales Increase for Fourth Consecutive Month in November
The NAR Pending Homes Sales Index increased 2.2% to a reading of 79.0 in November. Year-over-year, pending sales rose 6.9%.
US State-Level Construction Employment Data for November
The construction industry gained a net 10,000 jobs in November, the BLS and NAHB reported. Employment (both residential and nonresidential) increased in 23 states and the District of Columbia.
Unemployment Rates Higher Year-Over-Year in 308 of 389 US Metropolitan Areas in November
Unemployment rates in November were higher than a year earlier in 308 of the 389 metropolitan areas, lower in 60 areas, and unchanged in 21 areas.
Ontario’s Amended Building Code Now Permits Mass Timber Construction Up to 18 Stories
An amendment to the Ontario building code permitting encapsulated mass timber construction up to 18 stories, an increase from the previous limit of 12, took effect on January 1, Storeys reported.
Nonresidential Construction Spending Declines 0.1% in November
Nonresidential construction spending declined 0.1% in November, the Census Bureau and ABC reported. On a seasonally adjusted annual basis, spending reached $1.234 trillion.
S&P CoreLogic Case-Shiller Index Reports 3.6% Annual Gain in US Home Prices in October
The S&P CoreLogic Case-Shiller US National Home Price NSA Index posted an annual gain of 3.6% in October, down from a 3.9% increase in September.
US Construction Spending Unchanged in November
Total construction spending during November was estimated at $2,152.6 billion (SAAR), virtually unchanged from the revised October estimate of $2,152.3 billion.
Canadian Industrial Product and Raw Materials Price Indices for November
Prices for lumber and other wood products jumped 5.7%, marking the largest monthly increase since March 2022 (7.5%).