US Housing Market Rapid Response US Mortgage Applications (Feb. 2024) February’s mortgage applications data show rising mortgage rates put an end to what had been the start of a fairly promising recovery, following the low for applications in October 2023. We think this... 6th March 2024 · 3 mins read
US Housing Market Rapid Response US Case-Shiller/FHFA House Prices (Dec. 2023) Another small rise in house prices in December suggests the extremely backward-looking data are still capturing a slowdown in price growth following the October peak in mortgage rates. That’s mainly... 27th February 2024 · 2 mins read
US Housing Market Rapid Response US New Home Sales (Jan. 2024) The sharp fall in mortgage rates at the end of last year helped new home sales regain some more momentum in January. But so far the rebound has been slightly slower than we were anticipating. Looking... 26th February 2024 · 2 mins read
US Housing Market Rapid Response US Existing Home Sales (Jan. 2024) The sharp fall in mortgage rates at the end of last year was the catalyst for existing home sales rising in January. But borrowing costs have risen again in recent weeks, which in the near term... 22nd February 2024 · 2 mins read
US Housing Market Rapid Response Housing Starts (Jan. 2024) Housing starts fell by the largest amount since April 2020 in January, led by a huge drop in multi-family starts. We suspect the multi-family sector will continue to be a drag on new development this... 16th February 2024 · 3 mins read
US Housing Market Rapid Response Mortgage Applications (Jan. 2024) The average mortgage rate in January was unchanged from the month before, but that didn’t prevent mortgage applications for home purchase rising for a third consecutive month. And with interest rates... 7th February 2024 · 2 mins read
US Housing Market Rapid Response Case-Shiller/FHFA House Prices (Nov. 2023) The marked slowdown in house prices in November was the first sign of a response in prices to the spike in mortgage rates a month earlier. 30th January 2024 · 2 mins read
US Housing Market Rapid Response New Home Sales (Dec. 2023) New home sales rebounded in December, reversing nearly all of their decline in the previous month when mortgage borrowing costs were much closer to their 8% peak. 25th January 2024 · 2 mins read
US Housing Market Rapid Response Existing Home Sales (Dec. 2023) A drop in existing home sales in December confirmed that they fell by 20% y/y in 2023 as a whole to their lowest level since 1995. (See Chart 1.) Lack of supply was the main reason existing home sales... 19th January 2024 · 2 mins read
US Housing Market Rapid Response Housing Starts (Dec. 2023) Housing starts fell last month reversing almost half of November’s huge weather-driven 11% m/m increase, but remained stronger than they were in the summer. The fall on the month was something of a... 18th January 2024 · 2 mins read
US Housing Market Rapid Response Mortgage Applications (Dec. 2023) Mortgage rates dropping below 7% were the catalyst for a marked uptick in mortgage applications for home purchase in December. 3rd January 2024 · 2 mins read
US Housing Market Rapid Response Existing Home Sales (Nov. 2023) Existing home sales recovered somewhat in November from the 13-year low reached in October, as falling mortgage rates brought more buyers and sellers into the market. That chimes with the pickup in... 20th December 2023 · 2 mins read
US Housing Market Rapid Response Housing Starts (Nov. 2023) The extreme lack of existing inventory on the market continued to support newbuild demand and construction activity in November, as single-family starts jumped to an 18-month high. The rise is at odds... 19th December 2023 · 3 mins read
US Housing Market Rapid Response Mortgage Applications (Nov. 2023) Falling mortgage rates sparked a modest uptick in mortgage applications for home purchase in November. Recent falls in Treasury yields mean further falls in mortgage rates are imminent, so the trough... 6th December 2023 · 2 mins read
US Housing Market Rapid Response Case-Shiller/FHFA House Prices (Sep. 2023) Another large monthly gain in house prices in September suggests that the extremely limited supply of existing homes for sale continued to outstrip the drag on demand from high mortgage rates. This... 28th November 2023 · 3 mins read
US Housing Market Rapid Response New Home Sales (Oct. 2023) New home sales reversed most of their rise in the previous month as mortgage rates spiked to 8%. However, we don’t think this marks an end to the strength in new homes sales. That’s because the supply... 27th November 2023 · 2 mins read
