The Commonwealth Bank of Australia (ASX: CBA) is not enjoying the same gains as the other big 4 banks so far today.
The CBA share price is up 0.24% at time of writing at $97.47 per share after spending much of the day in the red.
As for the other big banks, the National Australia Bank Ltd (ASX: NAB) share price is up 1.07%; the Westpac Banking Corp (ASX: WBC) share price is up 1.4%, and shares in Australia and New Zealand Banking Group Ltd (ASX: ANZ) have gained 1.53% today.
For some context, the S&P/ASX 200 Index (ASX: XJO) is up 1.05% at this same time.
CBA shares came under pressure on the same day its latest housing report hit the news.
What did CommBank’s housing report indicate?
The CBA share price struggled amid data from the bank showing a huge drop in Australians’ home buying intentions.
According to the Australian Financial Review, a new report from CommBank indicates Aussie home buying intentions as at the end of November were down 17.7% over the calendar year. That fall was exacerbated by a 27.5% decline in home buying intentions recorded in November.
Would-be property buyers are getting spooked by the prospect of higher interest rates on the horizon as well as house prices that have rocketed over the past year.
CommBank also reported a decline in home loan applications while Google searches related to buying a home also fell sharply.
Commenting on the decline, CBA’s chief economist Stephen Halmarick said (quoted by the AFR):
We think the shorter time frame had an impact, particularly on the number of search activities, as people would normally sit down and do a lot of searching over the weekend, but when we look at other data, the pace of new lending to owner-occupiers and the speed of the price increases, it’s pretty clear that there’s some moderation in demand from homebuyers.
CBA share price snapshot
The CBA share price is up more than18% in 2021 so far, outpacing the 9% year-to-date gains posted by the ASX 200.
CBA shares hit an all-time high of $110.13 on 8 November.