Tag Archives: housing market
Construction spending plummeted 1.1% in January as another relentless winter disrupted public and private sector projects alike; that was despite seasonal adjustment of the data. We experienced more weather disruptions in more places in February than January so the noise from distortions will likely get worse before it gets better. Losses were broad-based
New home sales came in at a 481,000-unit pace in January, nearly even with the better-than-expected showing we saw in December. Moreover, in a shift that started late last year, gains were more concentrated in lower priced homes, which took down the median and average sale price
The number of existing homes sold in January was 4.82 million on an annualized basis. That is the lowest level since May of 2014. All regions were down, led by the Northeast and West. Weather played a role in restricting the number of sales across the nation, but cannot be blamed for all of the weakness in [...]
Housings starts came in weaker with 22,000 fewer starts in January compared to the previous month for a total of 1.065 million on an annualized basis. The data was slightly below consensus.
Construction spending rose 0.4% in December, less than hoped, but that followed a slight upward revision for the previous month. Gains in the public sector outpaced gains in the private sector, but the public sector has yet to regain ground lost earlier in the quarter. Public infrastructure projects picked up
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 [...]