The U.S. Department of Labor is reporting that an additional 184,000 Americans (seasonally adjusted) made their initial filing for unemployment benefits during the week ending on Saturday, April 16, 2022. This is a decrease of 2,000 from the previous week’s revised level. The 4-week moving average was 177,250.
Wood Markets News
Existing Home Sales Drop for Second Consecutive Month in March 2022
The National Association of Realtors® reported on Wednesday that total existing home sales dropped -2.7% in March from February to a seasonally adjusted rate at 5.77 million homes. This marks the second consecutive month of declines.
Mortgage Applications Decline for Sixth Consecutive Week in the Week Ending April 15, 2022
According to data from the Mortgage Bankers Association, for the week ending April 15, 2022, the Market Composite Index (a measure of mortgage loan application volume) declined -5.0% on a seasonally adjusted basis from one week earlier.
Canadian Consumer Price Index Up 1.4% Month-Over-Month and 6.7% Year-Over-Year in March 2022
Statistics Canada (StatsCan) reported today (4-20-22) that Canadian consumer prices increased 6.7% year-over-year in March 2022, one percentage point higher than the gain in February (+5.7%). This was the largest increase since January 1991 (+6.9%).
Fannie Mae’s Economic and Strategic Research Group Downgrades Its Forecast for Real GDP Growth for 2022 and 2023
Expectations of aggressive monetary policy tightening through 2023 by the Federal Reserve are likely to further soften economic output already being weighed down by decades-high inflation and the ongoing effects stemming from the Russian invasion of Ukraine.
Rent Prices Increase in February, Hitting a New Record High for the 11th Consecutive Month
In February, U.S. rent prices marked their eleventh consecutive month of double-digit gains, rising 13.1% year-over-year, to hit another new record as the highest in the history of the index. Warmer areas of the country again posted the largest price hikes.
March Single-Family Housing Starts, Permits, and Completions All Fall Below February Levels
Privately‐owned housing starts in March were at a seasonally adjusted annual rate (SAAR) of 1,793,000. This is 0.3% above the revised February estimate of 1,788,000 and is 3.9% above the March 2021 rate of 1,725,000. Single-family housing starts in March were at a rate of 1,200,000. This is -1.7% below the revised February figure of 1,221,000.
Canadian Housing Starts Edge Lower in March
The Canadian Mortgage and Housing Corporation (CMHC) reported today (4-19-22) that the trend in housing starts in Canada was 252,497 units in March, down from 253,296 units February. The standalone monthly SAAR of total housing starts for all areas in Canada in March was 246,243 units, a decrease of -2% from February.
Following February’s Surge, Canadian Home Sales and New Listings Decline in March
The Canadian Real Estate Association (CREA) reported today (4-19-22) that national home sales and newly available listings both declined in March 2022, after having jumped briefly higher in February. With sales and new listings falling in equal measure in March, the sales-to-new listings ratio stayed at 75.3% compared to 75.2% in February.
US Home Sales and Median Sales Price Soar Month-Over-Month in March 2022
On Monday (4-18-22), RE/MAX released its National Housing Report (NHR) for March 2022. According to the report, March homes sales jumped 32.3% month-over-month, while the median sales prices hit a new record high of $360,000 (16.7% higher year-over-year). These increases occurred as buyers continue to outnumber sellers.