Mortgage loan application volume increased 3.9% on a seasonally adjusted basis from one week earlier, MBA reported.
Wood Markets News
US Apartment Rent Growth Trails Expectations Through Q2
RealPage’s delivery pipeline anticipates just over 629,000 apartments will be delivered in calendar 2024. However, supply is expected to drop by roughly 20% in 2025.
US Builder Confidence Drops for Third Consecutive Month in July
The NAHB/Wells Fargo Housing Market Index showed builder sentiment in the market for newly built single-family homes fell 1 point from June to a reading of 42 in July.
Additional Existing Homes For Sale Slows Home Value Appreciation
The total number of homes on the market has risen throughout the year, ticking up 4% from May to June to stand nearly 23% above last year’s low level, Zillow reported.
Oregon to Receive Out-of-State Assistance to Combat Multiple Wildfires
The Oregon State Fire Marshal and the Oregon Department of Forestry announced that they are bringing in out-of-state firefighters and equipment to help fight several wildfires.
Canadian Housing Starts Decline in June
The Canada Mortgage and Housing Corporation (CMHC) reported that the trend in housing starts was 247,205 units in June.
Canadian Consumer Price Index Increases Slow in June
The Canadian Consumer Price Index (CPI) for June increased 2.7% year-over-year, down slightly from the 2.9% gain in May.
Increased Listings of Homes For Sale and Lower Mortgage Rates Provide Buyers With New Hope
A US homebuyer on a $3,000 monthly budget can afford a $447,750 home with a 6.85% mortgage rate, the daily average as of July 11th, Redfin reported.
Canadian Wildfire Season Quickly Approaching Summer Peak
Overall, this wildfire season is far less severe than the record-setting year in 2023, but the risk for new fires is still high, particularly for BC, Yukon, and Northwest Territories.
Share of US Homes Built on Slabs Continues to Grow
72.4% of new single-family homes started in 2023 were built on slab foundations, 16.6% were built with full or partial basements, and 9.9% with crawl spaces, according to the Census Bureau and NAHB.