US home construction up a moderate 3.6% in May
U.S. home construction rose 3.6% in May as builders battled a surge in lumber prices that have made homes more expensive The May increase left construction at a seasonally adjusted annual rate of 1.57 million units, the Commerce Department reported Wednesday.
Construction spending dips 0.8% in February amid bad weather
U.S. construction spending fell in February after several months of steady gains, likely because of unseasonably cold weather and winter storms in the south. (AP Photo/Rogelio V. Solis)WASHINGTON โ U.S. construction spending fell in February after several months of steady gains, likely because of unseasonably cold weather and winter storms in the south. The Commerce Department said Thursday that spending on building projects slipped 0.8% in February, after a 1.2% gain in January. Public construction spending also dropped sharply, declining by 1.7%. Construction spending on homes and apartments has soared more than 21% in the past year, driving all construction spending up 5.3% since the pandemic struck.
US home prices soared in January by most in seven years
U.S. home prices increased at the fastest pace in seven years in January as the pandemic has fueled demand for single-family houses even as the supply for such homes shrinks. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, March 20, rose 11.1% in January from a year earlier. (AP Photo/Rogelio V. Solis)WASHINGTON โ U.S. home prices increased at the fastest pace in seven years in January as the pandemic has fueled demand for single-family houses even as the supply for such homes shrinks. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, rose 11.1% in January from a year earlier. Prices rose in all 20 cities, and the 12-month increase was larger for all cities in January than in the previous month.
US long-term mortgage rates edge higher; 30-year at 3.09%
U.S. long-term mortgage rates continued to edge higher this week as the benchmark 30-year loan stayed above the 3% mark. Rates remain near historic lows, however. (AP Photo/Rogelio V. Solis)WASHINGTON โ U.S. long-term mortgage rates continued to edge higher this week as the benchmark 30-year loan stayed above the 3% mark. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year fixed-rate home loan rose to 3.09% from 3.05% last week. The prospect of massive pandemic aid, following Congressโ recent enactment of the nearly $2 trillion relief package, has helped lift uncertainty about the economic recovery and likely coaxed mortgage rates higher.