Tag Archives: housing market
Premium well above long-term average: Illustrates bifurcation in housing market between high-& low-end buyers. Low-end buyers cannot drive price appreciation as much for new homes. High-end buyers pay top dollar for prime, turnkey, customized properties. Volatility in sales due to data not adjusted for seasonal factors.
Just over five million existing homes were sold in December, in line with expectations. December sales came in higher than November’s, which were revised down slightly. Comparisons for sales and prices were positive as total and single-family sales increased
Housing starts beat expectations, increasing by 46,000 in December from upwardly revised November data. Better weather last month, following an unseasonably cold November, helped overall starts to rebound. Starts in the South, which were hit hardest in November by cold temperatures, came back in December and posted a 41,000 increase.
Construction spending fell 0.3% in November after surging a revised 1.2% in October. A sharp drop in public outlays, which led October gains, accounted for much of the weakness. Residential construction continued to post gains, but off of a low base. Single-family home construction,
Personal Incomes and Outlays Personal income and expenditures both gained in November, with incomes growing 0.4% and expenditures up 0.6% after both were revised up in October. The Personal Consumption Expenditures (PCE) price index decreased 0.2%, while core PCE increased less than 0.1%. That price movement bodes well for consumers this holiday season as shoppers [...]
Total existing home sales disappointed in November, dropping 320,000 from October to an annualized level of 4.93 million. Weakness showed up across the board
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;
Construction spending surged 1.1% in October, more than twice the consensus, while losses for September came in much smaller than initially reported. The largest increase was in the public sector, which had weighed down construction figures earlier in the year. In that sector, the largest gains were in health care and public safety. Highway construction [...]
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 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 [...]