Eye On Housing
The economy and the housing market continue their gradual march back to normal. The national NAHB/First American Leading Markets Index (LMI) rose to .90 in the third quarter from .89 in the second quarter. The index measures how close every metropolitan area is to its last normal level of single-family housing permits, employment and house prices. The LMI has three… Read More ›
Tag Archive for ‘eye on the economy’
Eye on the Economy: Builder Confidence Adjusts as Sales and Starts Hold Steady
The NAHB/Wells Fargo Housing Market Index (HMI) of builder sentiment fell five points in October to a level of 54. Any value above 50 means more builders see the market favorably over those who see unfavorable conditions. The drop was from a nine-year high of 59 in August and returns the index to levels experienced during the start of the… Read More ›
Eye on the Economy: Hiring Gains a Positive for Housing
Good employment data offer a positive for housing as the market transitions from summer to fall. According to the Bureau of Labor Statistics (BLS), 248,000 net jobs were created in September. August gains were revised from a disappointing 142,000 to a slightly better 180,000, while July’s tally was also revised from 212,000 to 243,000. The separate BLS household survey indicated… Read More ›
Eye on the Economy: New Home Sales Jump in August
New home sales rebounded in August, increasing 18% to a seasonally adjusted annual rate of 504,000, according to estimates from the Census Bureau and HUD. These gains were atop upward revisions for the July pace. The August rate is 33% higher than August 2013 and is a solid indication of the ongoing recovery in the single-family market. The inventory of… Read More ›
Eye on the Economy: Builders Look Forward
Housing starts fell in August, according to the most recent government data, but the NAHB/Wells Fargo Housing Market Index (HMI) rose to a post-recession high. The market data suggest future increases in single-family building as the sector expands to higher levels of activity more consistent with long-run rates of household formation and population growth. For August, the Census Bureau and… Read More ›
Eye on the Economy: Existing Home Sales Improving
Existing home sales increased 2.4% in July, tallying the fourth consecutive month of increase. While the pace of existing home sales remains 4.3% below the July 2013 rate, the steady improvement for resales is positive news for the new home market because prospective repeat homebuyers must sell their existing home before buying a newly built residence. The National Association of… Read More ›
Eye on the Economy: Home Construction Rebounds in July
After a disappointing June report, housing starts rebounded to an annual rate of 1.093 million for a 15.7% increase over the upwardly revised June level. The substantial June dip, caused by a fall in single-family construction in the South, was eliminated as single-family construction rose 8.3% with increases in three of the four regions. Midwest single-family starts were down 6.8%… Read More ›
Eye on the Economy: New Home Sales Disappoint in June
New homes sales declined in June, falling 8.1% from a revised May rate to a seasonally adjusted annual pace of 406,000, according to data from the Census Bureau and HUD. It’s a return to the trend in place since March of this year, with gains expected in the months ahead as the labor market and the overall economy improve. New… Read More ›
Eye on the Economy: Housing Starts Pause and Existing Sales Rise
Existing home sales posted a third monthly increase in June, passing a 5 million annualized sales pace for the first time since October of 2013. The recent gains reverse the negative trend that had set in after an increase in mortgage interest rates in the fall followed by an unusually long winter in some parts of the country. However, gains… Read More ›
Eye on the Economy: Builder Confidence and Home Sales on the Rise
Housing news turned positive this week as spring gave way to summer. Future data will confirm whether the recent turn in momentum reflects a return to the improving trend that was in place before the end of 2013, but early signs are encouraging. New single-family home sales reached their highest pace in six years in May. According to estimates from… Read More ›