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Other Industry News > Housing
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Mortgage rates show little change
Thirty-year fixed-rate mortgages (FRMs) averaged 4.10% for the week ending August 28, unchanged from last week, according to Freddie Mac. Last year at this time, the 30-year FRM averaged 4.51%. The 15-year FRM averaged 3.25%, up from last week's average of 3.23%. A year ago at this time, the 15-year FRM averaged 3.54%. One-year adjustable-rate mortgages (ARMs) averaged 2.39%, up from last week's average of 2.38%. At this time last year, the one-year ARM averaged 2.64%. For more, click here...
U.S. house prices inched higher in second quarter
U.S. house prices increased 0.8% in the second quarter, according to the Federal Housing Finance Agency's seasonally adjusted House Price Index (HPI). The gain marked the 12th consecutive price increase in the HPI. For more, click here...
Report indicates stabilizing housing market
Freddie Mac's Multi-Indicator Market Index (MiMi) reached a reading of 73.7, which the agency says reflects a weak U.S. housing market that is improving. The index increased slightly between May and June and has inched up 0.16% in the last three months. Year-over-year, the index has risen 7.67%. The nation's all-time high of 121.87 was in June 2008 and its low of 59.8 was in September 2011. For more, click here...
New home sales slip in July
Sales of newly built single-family homes fell 2.4% to a seasonally adjusted annual rate of 412,000 units in July, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Sales fell 30.8% in the Northeast, 8.8% in the Midwest, and 15.2% in the West. Sales climbed 8.1% in the South, the country's largest region. The inventory of new homes increased to 205,000 units in July, which represents a 6.0-month supply at the current sales pace. For more, click here...
Existing-home sales hit 2014 peak in July
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops, increased 2.4% to a seasonally adjusted annual rate of 5.15 million in July from a slightly downwardly revised 5.03 million in June. Sales are at the highest pace of 2014 and have risen four consecutive months, but remain 4.3% below the 5.38 million-unit level from last July, which was the peak of 2013. The median existing home price for all housing types in July was $222,900, which is 4.9% higher than the July 2013 median. This marks the 29th consecutive month of year-over-year gains. Total housing inventory at the end of July increased 3.5% to 2.37 million existing homes available for sale, representing a 5.5-month supply at the current sales pace, unchanged from June. For more, click here...
July housing starts rebound
U.S. housing starts were at a seasonally adjusted annual rate of 1,093,000 units in July, 15.7% above the revised June rate and 21.7% higher than the July 2013 estimate, according to the Census Bureau and the Department of Housing and Urban Development. Single-family starts in July were at a SAAR of 656,000 units, 8.3% above the revised June figure. Privately owned units authorized by permits were at a SAAR of 1,052,000, 8.1% higher than the revised June estimate and 7.7% above the July 2013 rate. For more, click here...
Builder confidence maintained upward trend in August
Builder confidence in the market for newly built single-family homes increased two points to a reading of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index for August. Any reading higher than 50 indicates that more builders view sales conditions as good than poor. A third consecutive monthly gain brings the index to its highest level since January. "As the employment picture brightens, builders are seeing a noticeable increase in the number of serious buyers entering the market," said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del. For more, click here...
Canada's New Housing Price Index edges upward
Canada's New Housing Price Index rose 0.2% in June, up slightly from the 0.1% gain observed in May, according to Statistics Canada. The increase was largely the result of higher new home prices in Ontario. For more, click here...
Increasing home values affect housing affordability
Housing affordability nationwide dipped in the second quarter as several markets saw a firming of home prices, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. In all, 62.6% of new and existing homes sold between the beginning of April and the end of June were affordable to families earning the U.S. median income of $63,900. This is down from the 65.5% of homes sold that were affordable to median-income earners in the first quarter. For more, click here...
Soft landing forecast for Canadian housing
According to Canada Mortgage and Housing Corp.'s third-quarter 2014 Housing Market Outlook, housing activity will continue to be supported by economic and demographic fundamentals for the rest of 2014 and into 2015. "Recent trends have shown an increase in housing starts, which is broadly supported by demographic fundamentals," said Bob Dugan, chief economist for CMHC. "However, our latest forecast calls for starts to edge lower as builders are expected to reduce inventories instead of focusing on new construction." On an annual basis, housing starts are forecast to range between 179,600 and 189,900 units in 2014, with a point forecast of 184,800 units. In 2015, starts are expected to range from 163,000 to 203,200 units, with a point forecast of 183,100 units. For more, click here...
Home price gains decelerate
Home price growth continued to moderate in many metro areas in the second quarter, and national year-over-year price appreciation is now at its slowest pace since 2012, according to the latest quarterly report by the National Association of Realtors. The median existing single-family home price increased in 71% of measured markets, with 122 out of 173 metropolitan statistical areas showing gains based on closings in the second quarter compared with the second quarter of 2013. The national median existing single-family home price in the second quarter was $212,400, up 4.4% from the second quarter of 2013. For more, click here...
Canadian housing starts rose in July
The trend measure of housing starts in Canada reached 189,784 units in July compared to 185,952 in June, according to Canada Mortgage and Housing Corp. The trend is a six-month moving average of the monthly seasonally adjusted annual rate of housing starts. The stand-alone monthly SAAR was 200,098 units in July, a slight increase from 198,665 units in June. For more, click here...
NAHB documents effect of home price increase
Each $1,000 increase in the cost of a new, median-priced home forces 206,000 prospective buyers out of the marketplace, according to a new study by the National Association of Home Builders. The number of households affected varies across states and metro areas and largely depends on their population, income distribution, and new home prices. "This study highlights the real effects that building regulations have on housing affordability," said NAHB Chairman David Kelly, a home builder and developer from Wilmington, Del. "Local, state, and federal government officials need to know that higher regulatory costs have real consequences for working American families." For more, click here...
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