Builders Are Finishing More and More Homes, But Permits Have Been Flat

The latest data on new residential construction from the U.S. Census Bureau paints a somewhat mixed picture of the housing market. While housing completions surged in April, Housing starts only increased modestly and building permits declined both building permits slipped to the lowest level since last summer. The following bullet points break down the numbers in seasonally adjusted annual rates for the 3 phases of construction: Building Permits 1.44 million versus 1.48 million forecast and 1.467 last month Of that, 976k were single family permits and 408k were 5+ units Housing Starts (breaking ground phase)1.36 million versus 1.42 million forecast and 1.29 million last month last month revised down from 1.32 million Of that, 1.031 million were single family and 322k were 5+ Housing Completions1.62 million versus 1.495 million last month, a 10.3 percent increase Of that, 1.092 were single family and 516k were 5+ We could attempt to over-analyze the month to month changes in this notoriously noisy data series, but in the bigger picture, permits and starts have been flat for more than a year while completions continue to improve. Zooming out a bit more, the takeaway isn't much different, but it adds context from the previous highs and also shows starts and permits remaining near pre-covid highs.

May 16, 2024 Download our Mobile App: Download our Mobile App: Housing News Builders Are Finishing More and More Homes, But Permits Have Been Flat The latest data on new residential construction from the U.S. Census Bureau paints a somewhat mixed picture of the housing market. While housing completions surged in April, Housing starts only increased modestly and building permits declined both bu... (read more) Mortgage Rate Watch Mortgage Rates Start Sideways But Move Higher in The Afternoon On the average day in the mortgage market, the average lender will offer the same mortgage rate terms for the entire day. It's only when the underlying bond market moves enough that lenders will make mid-day adjustments. Today was one of ... (read more) MBS Commentary Back to Boring It's the day after the CPI data and thus begins a concerted effort over the next few weeks to avoid compiling every piece of commentary as a simple countdown to the next CPI. To be fair, we will avoid some of that temptation by counting down to... (read more) Rob Chrisman Pricing, POS, Broker to banker, Cybersecurity Tools; STRATMOR/Teraverde Deal Inked Attendees of next week’s MBA Secondary conference can look forward to… A giant hot dog in Times Square that spits out confetti at high noon. (Keep your risqué comments to yourself please.) They can obviously look forward to much more at the actual co... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.02% +0.03% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.02% +0.03 0.00 15 Yr. Fixed 6.53% +0.03 0.00 30 Yr. FHA 6.55% +0.03 0.00 30 Yr. Jumbo 7.31% +0.01 0.00 7/6 SOFR ARM 7.24% +0.04 0.00 30 Yr. VA 6.57% +0.02 0.00 Updates Daily - Last Update: 5/16 15 Yr. Fixed Rate 6.53% +0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 7.02% -0.07 0.00 15 Yr. Fixed 6.28% -0.10 0.00 Updates Weekly - Last Update: 5/16 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.08% -0.10 0.63 15 Yr. Fixed 6.61% +0.01 0.65 30 Yr. Jumbo 7.22% -0.09 0.58 Updates Weekly - Last Update: 5/15 MBS / Treasuries UMBS 30YR 6.0 100.56 -0.23 Price / Yield Change MBS UMBS 6.0 100.56 -0.23 UMBS 6.5 101.88 -0.12 GNMA 6.0 101.29 -0.20 GNMA 6.5 101.65 -0.16 Pricing as of: 5/16 5:31PM EST 10 Year US Treasury 4.3779 +0.0374 Price / Yield Change US Treasury 2 YR Treasury 4.795 +0.065 5 YR Treasury 4.402 +0.058 7 YR Treasury 4.383 +0.045 10 YR Treasury 4.378 +0.037 30 YR Treasury 4.518 +0.012 Pricing as of: 5/16 5:31PM EST Latest Video Richmond Fed President Tom Barkin: People are still trying to take price on... Camden Properties CEO on shelter inflation and housing demand Jobless claims move lower after spiking a week ago Industrial production numbers for April remain unchanged Around the Web CNBC Here's the deflation breakdown for April 2024 in one chart Calculated Risk Blog Weekly Initial Unemployment Claims Decrease to 222,000 Calculated Risk Blog MBA: Mortgage Delinquencies Increased Slightly in Q1 2024 Marketwatch Retail traders are beating big firms in guessing where U.S. interest rates will go next Reuters Fed's Kashkari: rates should stay on hold 'for a while longer' Market Watch U.S. industrial output flat in April Eye on Housing Housing Costs Continue to Drive Price Gains Eye on Housing Higher Interest Rates Keep Single-Family Housing Starts Flat in April Eye on Housing Higher Mortgage Rates Hammer Builder Confidence in May Eye on Housing A Strong Quarter for Townhouse Construction CNBC Treasury yields mixed as investors digest inflation data Calculated Risk Blog Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk Blog Cleveland Fed: Median CPI increased 0.3% and Trimmed-mean CPI increased 0.3% in April

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