Tag Archives: housing market
Housing starts rose to a 946,000-unit pace in March, after being revised up slightly for the month of February. With revisions, starts are running close to expectations although they should be stronger given the lack of inventories on the market. That said, it was encouraging to see the gain in starts concentrated in the single-family [...]
The Consumer Price Index (CPI) rose 0.2% in March from February, well in-line with expectations and was up 1.5% from a year ago, a little hotter than we saw just a month ago. The portions of the country that escaped the polar vortex suffered a drought, which is pushing up feed prices. In response, prices [...]
New single-family home sales dropped 3.3% in February to a 440,000-unit annualized rate, the slowest monthly pace since September 2013. Moreover, sales for the month of January were revised lower. More of the weakness in the new home market can be attributed to unusually harsh winter weather; builders in the worst-affected areas were literally sidelined,
Existing home sales remained depressed in February, falling an additional 0.4% to a 4.6 million-unit annualized rate. That is the lowest pace for sales since July 2012. The National Association of Realtors (NAR), which typically attempts to put a positive spin on the data, punted and acknowledged that harsh winter weather could only account for [...]
The Consumer Price Index (CPI) rose a tepid 0.1% in February from the month prior; a sharp drop in energy prices almost entirely offset a jump in food prices, largely in response to a drought affecting parts of the country that escaped the polar vortex.
New home sales jumped to a 468,000 unit rate in January, up nearly 10 percent compared to December. That was the strongest pace in more than five years. Moreover, the December data were revised up. Home builders have moved back upscale; that is reflected in the median price of new homes, which was $260,100 in [...]
Existing home sales dropped to an annualized rate of 4.62 million units in January, the slowest pace in more than a year. Realtors found much to complain about in January; unusually harsh winter weather was only one of many issues blamed for the weakness; they also listed higher home prices, tight housing inventories and flood [...]
Housing starts dropped 16% in January to an annualized rate of 880,000 units, on a seasonally adjusted basis, after being revised up for the month of December. Unusually harsh winter weather played a key role in dampening starts. The percentage decline in starts was largest in the Midwest where temperatures were coldest.
Construction spending rose a marginal 0.1% in December and was revised down slightly for November. Much of the weakness was concentrated in the public sector. Unusually harsh winter weather likely contributed to the weakness. The upside surprise was in residential construction, particularly single-family home construction,
New home sales dropped to a lower-than-expected 414,000-unit annualized pace in December and were revised lower for the previous month. September and October had previously been revised higher. Between 2012 and 2013, new home sales rose 16.4% but the pace of sales moderated quite a bit at the end of the year. That is of [...]