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.
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%.
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.