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Other Industry News > Housing
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Pending home sales slowed in October -- NAR
Pending home sales declined in October but remained above year-over-year levels for the second straight month, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 1.1% to 104.1 in October from an upwardly-revised 105.3 in September, but is 2.2% higher than October 2013 (101.9). The index is above 100 — considered an average level of contract activity — for the sixth consecutive month. For more, click here...
Mortgage applications decline
Mortgage applications decreased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 21. The previous week’s results had included an adjustment for the Veterans Day holiday. The Market Composite Index, a measure of mortgage loan application volume, decreased 4.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index increased 1 percent compared with the previous week and was 10 percent lower than the same week one year ago. For more, click here...
U.S. sales of new homes edged higher in October
U.S. sales of new, single-family homes were at a seasonally adjusted annual rate of 458,000 units in October, 0.7% above the revised September rate and 1.8% above the October 2013 estimate, according to the Census Bureau and the Department of Housing and Urban Development. The median sales price of new homes sold in October was $305,000. An estimated 212,000 homes were for sale at the end of October, representing a 5.6-month supply at the current sales rate. For more, click here...
U.S. housing market continues to stabilize -- Freddie Mac
Freddie Mac today released its newly updated Multi-Indicator Market Index® showing the U.S. housing market continuing to stabilize as nearly half of the markets tracked are now showing positive momentum. For more, click here...
Home values increase at slower pace
The Standard&Poor's/Case-Shiller index of home prices in 20 U.S. cities increased 4.9% from September 2013, the smallest gain since October 2012. Prices were up 5.6% in the year ended in August. For more, click here...
Existing home sales post October gain
Existing-home sales rose in October for the second straight month and are now above year-over-year levels for the first time in a year, according to the National Association of Realtors®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 1.5% to a seasonally adjusted annual rate of 5.26 million in October from an upwardly-revised 5.18 million in September. Sales are at their highest annual pace since September 2013 (also 5.26 million), and are now above year-over-year levels (2.5% from last October) for the first time since last October. Lawrence Yun, NAR chief economist, says the housing market this year has been a tale of two halves. “Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth,” he said. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.” For more, click here...
October housing starts dip
U.S. housing starts were at a seasonally adjusted annual rate of 1,009,000 units in October, 2.8% below the revised September estimate but 7.8% above the October 2013 rate of 936,000 units, according to the Census Bureau and the Department of Housing and Urban Development. Single-family starts in October were at a SAAR of 696,000 units, 4.2% higher than the revised September figure. Housing units authorized by building permits in October were at a SAAR of 1,080,000 units, 4.8% higher than the revised September rate and 1.2% higher than the October 2013 estimate. For more, click here...
Builder confidence rises
Builder confidence in the market for newly built single-family homes rose 4 points to a level of 58 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. “Growing confidence among consumers is what’s fueling this optimism among builders,” said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. “Members in many areas of the country continue to see increasing buyer traffic and signed contracts.” “Low interest rates, affordable home prices and solid job creation are contributing to a steady housing recovery,” said NAHB Chief Economist David Crowe. “After a slow start to the year, the HMI has remained above the 50-point benchmark for five consecutive months, and we expect the momentum to continue into 2015.” For more, click here...
New Housing Price Index in Canada inched up in September
The New Housing Price Index in Canada rose 0.1% in September, following a 0.3% increase in August. Increases in Ontario and Alberta offset declines in Quebec and Manitoba. For more, click here...
Homes became less affordable in Q3, according to NAHB index
Firming home prices in markets across the country contributed to a slight dip in nationwide housing affordability in the third quarter of 2014, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. In all, 61.8% of new and existing homes sold between the beginning of July and the end of September were affordable to families earning the U.S. median income of $63,900. This is down from the 62.6% in the second quarter. The national median home price increased from $214,000 in the second quarter to $221,000 in the third quarter. Meanwhile, average mortgage interest rates decreased from 4.44% to 4.35% in the same period. For more, click here...
Housing survey shows gain in purchases of new homes
The Mortgage Bankers Association Builder Application Survey data for October showed mortgage applications for new home purchases increased by 8% from September. MBA’s Builder Application Survey tracks application volume from mortgage subsidiaries of home builders across the country. For more, click here...
American Wood Council offers guide to meet conservation code
The American Wood Council has published a new Design for Code Acceptance, "Meeting Residential Energy Requirements with Wood-Frame Construction." It provides ways to meet residential requirements of the 2012 International Energy Conservation Code using wood framing. The guide is offered for free on the AWC website. For more, click here...
Home price gains hold steady in most metro areas in Q3
Home prices showed continued growth in a majority of metropolitan areas in the third quarter, but all four major regions saw increases at or below 5% from a year ago, according to the latest quarterly report by the National Association of Realtors®. The median existing single-family home price increased in 73% of measured markets, with 125 out of 172 metropolitan statistical areas (MSAs) showing gains based on closings in the third quarter compared with the third quarter of 2013. Forty-seven areas (27%) recorded lower median prices from a year earlier. For more, click here...
Canadian housing starts trend lower
The trend measure of housing starts in Canada was 195,763 units in October, compared to 197,763 in September, according to Canada Mortgage and Housing Corp. The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts. The stand-alone monthly SAAR was 183,604 units in October, down from 197,355 in September. The decline was concentrated in multiple urban starts, which decreased to 98,673 in October, while single-detached urban starts increased to 66,010 units. For more, click here...
September building permits jump in Canada
Canadian municipalities issued building permits worth $C7.5 billion in September, up 12.7% from August, following a 27.3% decrease the previous month. Statistics Canada reported that the September increases resulted primarily from higher construction intentions for both non-residential and residential buildings in Ontario. In the residential sector, the value of permits nationwide rose 6.1% to $C4.4 billion in September. Gains were posted in seven provinces, led by Ontario and followed by Quebec and British Columbia. For more, click here...
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