MetroIntelligence Economic Update by P. DUFFY
Construction spending edges up 0.2 percent in April, up 12.3 percent year-on-year
Construction spending during April 2022 was estimated at a seasonally adjusted annual rate of $1,744.8 billion, 0.2 percent above the revised March estimate of $1,740.6 billion. The April figure is 12.3 percent above the April 2021 estimate of $1,553.5 billion. During the first four months of this year, construction spending amounted to $520.8 billion, 12.4 percent above the $463.3 billion for the same period in 2021.
Case-Shiller Index rose by an even higher annual gain of 20.0 percent in March
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 20.6% annual gain in March, up from 20.0% in the previous month. Tampa, Phoenix, and Miami reported the highest year-over-year gains among the 20 cities in March. Tampa led the way with a 34.8% year-over-year price increase, followed by Phoenix with a 32.4% increase, and Miami with a 32.0% increase. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 2.1%.
Purchase loan applications fall 1 percent from previous week, down 14 percent year-on-year
The Market Composite Index for mortgage applications decreased 2.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans falling 1 percent (and down 14 percent year-on-year) and refinance activity falling 5 percent (and down 75 percent year-on-year). The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.33 percent from 5.46 percent. The adjustable-rate mortgage (ARM) share of activity decreased to 8.7 percent of total applications.