Category Archives: David Nice

Housing Starts Data Better than Headline

Headline housing starts fell 17,000 in November from an upwardly revised figure in October. October’s revision of +36,000 was large enough to eclipse November’s decline;

Existing Home Sales Highest Since September 2013

Existing home sales handily beat expectations in October, coming in at a 5.26 million-unit annualized rate. September data were also revised to the upside. Regionally, strength was broad-based as three of the four regions showed month-to-month increases mostly concentrated in the Midwest and the South. In the Midwest, investors continue to scoop up properties to [...]

Single-family Starts Move Higher

Single-family housing starts accounted for 696,000 starts, up 28,000 from September. That, coupled with the fact that the revision brought September’s total into the black by 27,000 bodes well for the economy; single-family homes stimulate much more economic activity than multifamily rental units. On the flipside, multifamily starts came in at 313,000 for October, 57,000 [...]

GDP vs. Final Sales

  With this week’s release of the second pass on Q2 GDP, it appears as though the U.S. economy has successfully bounced back from a dismal first quarter.  The second quarter of GDP was revised up 0.2% to 4.2%.  Digging deeper into the release, you can uncover a much better metric for the underlying health [...]

Key Factors in New Home Sales Weakness

As discussed in this morning’s Economic Alert by Chief Economist Diane Swonk, new home sales continue to lag expectations. June’s estimate came in 69,000 units under the consensus estimate. The lackluster recovery in new home sales should be cause for concern, in terms of the housing recovery and for the overall economy. There are many [...]

Unemployment Claims Trending Lower

Initial unemployment claims dropped 20,000 to a level of 331,000 for the week of February 1. Claims have been trending down from a recent high of 380,000 reached in the week of December 14. The latest move down is a positive sign for Friday’s jobs report, which will provide January data. We expect a stronger [...]

Home Sales Lose Steam in December

Existing-home sales at the end of the year were lackluster; on the national level, sales increased 1.0% in December. Regionally, sales activity picked up in the South and West, but fell in the Midwest and Northeast. Cash purchasers and individual investors still comprised a large proportion of overall sales, 32% and 21%, respectively. These numbers [...]