12/2: MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

 

Construction spending up 0.2 percent in October and 8.6 percent year-on-year

Construction spending during October 2021 was estimated at a seasonally adjusted annual rate of $1,598.0 billion, up 0.2 percent from September and 8.6 percent year-on-year.  During the first ten months of this year, construction spending amounted to $1,323.1 billion, 7.5 percent above same period in 2020.

https://www.census.gov/construction/c30/pdf/release.pdf

 

Growth in September Case-Shiller Index decelerates to 19.5 percent year-on-year

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.5% annual gain in September, down from 19.8% in the previous month. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.2%.

https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20211130-1445588/1445588_cshomeprice-release-1130.pdf

 

Purchase loan apps up 5 percent from previous week but down 8 percent year-on-year

The Market Composite Index for mortgage applications decreased 7.2 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 5 percent (but down 8 percent year-on-year) and refinance activity falling 15 percent (and down 41 percent year-on-year).  The average contract interest rate for 30-year fixed-rate mortgages increased to 3.31 percent from 3.24 percent.

https://www.mba.org/2021-press-releases/december/mortgage-applications-decrease-in-latest-mba-weekly-survey-x288093

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