Tuesday's mixed data on housing and industrial production shows how both sectors remained on a bumpy path as a result of elevated interest rates. Housing starts dropped by 14.7% to 1.32 million on an annualized rate, the lowest level since last August, while permits, a proxy for future projects, also ... READ MORE >
Real estate
Existing home sales exceed forecasts as prices jump
Existing home sales came in much stronger than expected to post the biggest monthly increase in a year, the National Association of Realtors reported on Thursday. There were 4.38 million existing homes sold in February, up by 9.5% from a month ago. Given that February's increase was the third in nine ... READ MORE >
Housing starts and permits beat forecasts as completions reach 17-year high
Housing starts and permits rebounded sharply in February after unfavorable weather slowed projects across the country in January. Housing starts rose by 10.7% in February, while permits increased by 1.9%, according to data released by the Commerce Department on Tuesday. The increases exceeded ... READ MORE >
New home sales grew more slowly in January amid elevated mortgage rates
Sales of new homes grew by 1.5% in January, much slower than the 7.2% increase in December, most likely because of elevated mortgage rates. January's sales were also lower than estimated while December's increase was revised down from the 8% increase reported earlier by the Census Bureau. Slower sales ... READ MORE >
Canada’s inflation excluding shelter hit target in January
Canada's consumer price index report for January brought good news for consumers, businesses and the Bank of Canada alike. CPI dropped to 2.9%, led by lower year-over-year figures in gasoline prices. On a monthly basis, prices stayed flat. Consumers breathed a sigh of relief as grocery prices grew ... READ MORE >
Initial jobless claims and housing starts post upside surprises
Filings for jobless benefits fell last week to their lowest level in 16 months, a testament for how resilient the labor market continues to be. Initial claims declined to 187,000 from 203,000 in the previous week, the Labor Department reported on Thursday. That was much lower than the pre-pandemic ... READ MORE >
U.S. existing home sales plunged to their lowest level since 2010
Sales of existing homes in the United States extended their slump for the fifth consecutive month, primarily because of elevated mortgage rates that have dampened both demand and supply. Read more of RSM's insights on real estate and the middle market. In October, sales of existing homes dropped to ... READ MORE >
Existing home sales fall to the lowest level since 2010
Existing home sales fell in September to the lowest level since 2010 as mortgage rates hit a multidecade high. Even if the Federal Reserve holds interest rates steady in the next two months, the lagged impact of monetary tightening, especially quantitative tightening, has continued to put pressure on ... READ MORE >
Housing starts and permits remain a drag on third-quarter growth
Housing starts rose 7.0% in September due to a rebound in multifamily homes, according to government data released on Wednesday, partly offsetting the sharp drop in August. Still, new residential starts remained a drag on growth in the third quarter amid higher mortgage rates, falling 4.2% on a quarterly ... READ MORE >
Amid Canada’s housing crunch, some move in with other generations
As Canada grapples with an acute shortage of housing, some residents are embracing a shift toward multigenerational residences. This phenomenon, which includes multiple generations of adults living under one roof, is being driven in no small part by necessity as younger buyers and new arrivals to ... READ MORE >