Energetic City.Ca reported on Thursday (11-24-22), that the Environmental Assessment Office has approved a request submitted on August 2, 2022, […]
Wood Markets News
Foster + Partners New Mixed-Use Cross Laminated Timber Development in London Wins City Approval
Working closely with the Westminster City Council and local residents, Foster + Partners has been granted approval for the construction […]
Missing Middle Multifamily Sector Experiences Modest Growth in Q3 of 2022
The missing middle construction sector is made up of a range of house-scale building with multiple units – compatible in […]
New Residential Homes Sales Up Month-Over-Month but Down Year-Over-Year in October
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.
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.