Summary: Home approval numbers down 2.4% in April, below expectations; underlying conditions weakening; “big surge” in average value of approvals; house approvals up 0.4% by number, apartments down 7.9%; “pricing instability” in construction sector, rate increases behind slowing demand for developments; non-residential approvals down 0.9% in dollar terms, residential alterations down 1.3%. Building approvals for dwellings, that is apartments and houses, had been heading south since mid-2018. As an indicator...