Tag Archives: housing market

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 [...]

New Home Sales Disappoint

New home sales dropped to a 406,000 rate in June and were revised down for the month of May. The biggest losses were in the South, where builders have complained about labor shortages. A shortfall in the South also has a disproportionate effect on the overall figures

Home Sales Rise – Still not Enough

Existing home sales finally showed some signs of life in June, crossing the five million unit mark for the first time since last October. Sales for May were also revised up a bit. We still have a long way to go, however, before matching the highs hit last summer

Housing Starts Fall Again

Housing starts dropped back below the one-million unit mark to 893,000 in June, while starts for May were revised down. Losses were posted in both single- and multifamily starts. Single-family starts were at the lowest pace in more than a year; that is particularly disappointing given that the bulk of the economic momentum from housing [...]

Tepid Production and Mortgage Figures Reinforce Gradualism

Industrial production rose 0.2% in June and was revised down slightly for the month prior. The bulk of the weakness occurred in consumer goods, which had been extremely strong earlier in the quarter. Hopefully, this weakness is transitory as the auto sector and big-ticket consumer goods are expected to provide a tailwind for the economy [...]