Tag Archives: housing market

New Home Sales Jump

New home sales jumped at a double-digit pace to a 504,000 unit rate in August after being revised up for the month of July. This is welcome news in a housing market that has been lackluster at best and underscores how picky buyers remain in this market. Realtors complain that anything that is not move-in-perfect [...]

Investor Interest in Housing Wanes

Existing homes sales slid to a 5.05 million unit pace in August and were revised down slightly to a 5.14 million unit rate in the month of July. Losses were concentrated in the West and South, where investors had been playing an outsized role in supporting sales. All cash buyers slipped to 23% of the [...]

Housing Starts Dip

Housing starts fell below the one million unit threshold again in August, but were revised up slightly for the month of July. Losses were heavily concentrated in the multifamily market, which has been on a tear. The largest losses in multifamily home construction were experienced in the West, where housing shortages are the most acute. [...]

Broad-Based Losses in New Home Sales

New home sales fell from a 422,000 unit pace in June to a 412,000 unit pace in July; the data for June was revised up slightly, but the sales remain above levels hit a year ago. Losses in the month of July were broad-based with the exception of the South; the South is by far [...]

Existing Home Sales Rose Last Month

I am traveling but did a quick read on existing home sales  figures released this morning by the National Association of Realtors. The increase in existing sales in July is welcome but also suspect, given the downward revision to June. We are still playing catch-up

Housing Starts Increase

Housing starts moved back above the one-million-unit mark again in July, and were revised up for the month of June. This is a highly volatile and unreliable series, but we will take what we can get when it comes to housing; the gains are also corroborated by the survey of home builder confidence,

CPI Treads Water in July

The Consumer Price Index (CPI) edged up 0.1% in July from June, with widespread declines in energy prices offsetting a larger-than-expected uptick in food prices. Grocers and restaurants raised prices, attempting to tap into the discretionary spending that lower prices at the pump will hopefully bring. So far, however, increases in food prices have proven [...]

Autos Drive Gains in IP

Industrial production rose 0.4% in July, supported by outsize gains in vehicle production.  Many plants were running in July when retooling typically occurs to either catch up on losses from interruptions during the winter months or ramp up for an expanded number of new model introductions. Unusually harsh winter weather also accelerated the pace at [...]

Growth Rebounds

Real GDP growth rose a more-than-expected 4% in the second quarter, after falling a less-than-previously reported 2.1% in the first quarter. The forecast was for a 3% rebound in growth. Benchmark revisions, which include more complete data, helped to reduce the drop in the first quarter. Almost all of the “unexpected rise” in growth in [...]

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 [...]