US Economic Round-Up – Pending Home Sales Decline Again
Quite a bit of US data was released this morning. The major releases were GDP 3rd revision, Corporate Profits, Initial Jobless Claims, & Pending Home Sales. Let’s take a quick look at each....
Quite a bit of US data was released this morning. The major releases were GDP 3rd revision, Corporate Profits, Initial Jobless Claims, & Pending Home Sales. Let’s take a quick look at each....
We had three US housing related economic releases today: FHFA House Price Index, S&P Case-Shiller, and new home sales. The two price series both slightly beat consensus while new home sales came in exactly at consensus. FHFA house price increased by 7.4% year-over-year in January...
Existing home sales fell to 4.6 million homes in February which is the lowest level since July 2012. Existing home sales are now down over 7% year-over-year. The weakness this month was centered in the Midwest and Northeast. The South and West regions both saw...
The NAHB Housing Market Index was only able to marginally bounce in March after the record one month free fall in February. The headline number came in at 47 vs expectations of 50. The West region was particularly weak. It dropped another 5 points to...
The housing data has been all over the place so far in 2014. The good news today is new home sales jumped nearly 10% month-over-month to a five year high level of 468K for January....
The Case-Shiller Home Price Index has now had back to back monthly declines for the first time since Oct-Nov 2012. Granted the declines were small but we are seeing other evidence that housing prices lost some momentum at the end of last year....
Existing home sales fell by -5.1% month-over-month in January. Existing home sales have now declined five of the past six months are now down on a year-over-year basis (5.13%). Mean and average prices, however, remain higher on a year-over-year basis (8.8% and 10.7%, respectively)....
Housing starts for January missed by a considerable margin this morning. Consensus estimates were in the range of 950K while the actual number came in at 880K....
This morning the NAHB Housing Market Index showed a large 10-point drop in January. This is, in fact, the largest decline on record for the Housing Market Index. Traffic of perspective buyers also had a large decline. The nine point decline in the traffic of...
While 30-year fixed mortgage rates have dropped by about 30 bps to 4.55% after peaking at 4.86% in September of last year, it is somewhat troubling to see that mortgage applications are practically unchanged during this period. Meanwhile the number of real estate credit employes...
Pending Home Sales Index fell by 8.7% month-over-month compared to expectations of only a -0.5% decline. Pending home sales have now dropped every month since making a four year high in May. Unfortunately, weakness was across the entire country. The West leads the way down...
The Case-Shiller Home Price Index reported home price statistics for November this morning. The report indicates that housing prices have lost some momentum two thirds of the way through the final quarter of 2013. For the first time since March, there were several cities that...
This has been a weak dominated by housing related data for the United States. We have seen a the NAHB HMI rise and housing costs boosting CPI and housing starts break a million but mortgage applications breaking down. Today we have existing home sales falling to an 11-month...
We had three month’s worth of housing starts data released this morning due to the government shutdown in October. The number of new units started broke the million level for the first time since 2008. Three of the four regions saw increases in November (the...
ADP payroll data surprised to the upside today (215k vs 185k expected). It was the highest reading so far this year. Perhaps most encouragingly the gain was lead by small businesses. ISM Non-Manufacturing survey came in slightly below expectations (53.9 vs 55.5 expected)....