The US Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for October were at a seasonally adjusted annual rate of 632,000, according to estimates. This is 7.5% above the revised September rate of 588,000 but 5.8% below October 2021.
Wood Markets News
Mortgage Applications Increase for Second Consecutive Week
According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending November 18th, the Market Composite Index (a measure of mortgage loan application volume) increased 2.2% on a seasonally adjusted basis from one week earlier.
Mortgage Rates Drop for Second Week in a Row
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending November 23th. The PMMS reports that the 30-year fixed-rate mortgage (FRM) averaged 6.58%, down from last week when it averaged 6.61%. A year ago at this time, the 30-year FRM averaged 3.10%.
US Weekly Jobless Claims Increase for the Week Ending November 19th
The US Department of Labor is reporting that the advance figure for seasonally adjusted initial unemployment claims was 240,000 during the week ending on Saturday, November 19th. This is an increase of 17,000 from the previous week’s revised level of 223,000 (originally reported as 222,000).
University of Michigan Releases Final Consumer Sentiment Index for November
The University of Michigan today released its final results of its Consumer Sentiment Index for November. The Index of Consumer Sentiment declined to a reading of 56.8 in November, down from its reading of 59.9 in October. This is a month-over-month decrease of 5.2% and down 15.7% year-over-year.
US Multifamily For-Rent Housing Starts Climb Higher in Q3
According to US Census Bureau data, with additional analysis provided by the National Association of Home Builders, the number of multifamily, for-rent housing starts remained elevated in Q3 2022. With 141,000 units started in Q3, this was the largest quarter for rental multifamily construction since Q2 of 1986.
Investors’ Interest in US Housing Market Continues to Cool
Redfin reported today that investor home purchases fell 30.2% year-over-year in Q3. According to Redfin, this is the largest decline since the Great Recession, aside from 20Q2 amid the onset of the COVID-19 pandemic. The decline in investor home purchases outpaced the 27.4% drop in overall home purchases nationwide in Q3.
University of Maine Unveils the First 100% Bio-Based 3-D Printed Home
The University of Maine Advanced Structures and Composite Center on Monday unveiled BioHome3D, the first 3D-printed house made entirely with bio-based materials. BioHome3D was developed with funding from the US Department of Energy’s Hub and Spoke program between UMaine and the Oak Ridge National Laboratory.
Mortgage Payments Continued to Rise in October
The Mortgage Bankers Association (MBA) reported on Tuesday that according to its Purchase Applications Payment Index (PAPI), homebuyer affordability continued its downward trend in October, as the national median payment applied for by applicants increased 3.7% to $2,012 from $1941 in September.
Shares of Mortgage Loans in Forbearance Edge Slightly Higher in October
According to the new monthly Mortgage Bankers Association (MBA) Loan Monitoring Survey, the total number of loans now in forbearance increased by 1 basis point, from 0.69% of servicers’ portfolio volume in the prior month to 0.70% as of October 31st. The MBA estimates that 350,000 homeowners are now in forbearance plans.