Eye On Housing
Author Archives
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Business Application Shows Growth in Q2 2020
Housing creates jobs, and housing in turn follows job growth from business activity. Thus, tracking the growth of enterprise provides a guide to future home building. The Census Bureau recently released its Second Quarter 2020 Business Formation Statistics Report (BFS). The report provides timely and high-frequency data on business applications and employer business formations measured by applications for an Employer… Read More ›
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Pending Home Sales Edge Up in June
After the biggest monthly gain on record last month , pending home sales surged back to pre-pandemic levels, as homebuyers rushed back to the market, taking advantage of record-low mortgage rates. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI climbed 16.6% from 99.6 in… Read More ›
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Existing Home Sales Post Record Rebound in June
Boosted by historically low mortgage rates, existing home sales, as reported by the National Association of Realtors (NAR), rebounded sharply in June, showing a strong sign of a market turnaround after three months of decline. Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, jumped 20.7% to a seasonally adjusted annual rate of 4.72 million in June, the… Read More ›
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Economic Well-Being of U.S. Households (Part 2)
The Federal Reserve Board recently released its Report on the Economic Well-Being of U.S. Households. The report provided results from the responses to the 2019 Survey of Household Economics and Decision making (SHED) which was conducted before the COVID-19 pandemic, as well as the responses to a smaller follow-up survey conducted in April 2020 to better understand the financial disruptions… Read More ›
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Consumer Confidence Increases in June
After a sharp decline in April, consumer confidence improved in June for a second straight month, as the economy began to reopen and unemployment claims showed improvement. The Consumer Confidence Index, reported by the Conference Board, rose 12.2 points from 85.9 to 98.1 in June, the largest monthly gain since November 2011. The Present Situation Index jumped 17.8 points from… Read More ›
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Pending Home Sales See Biggest Increase on Record in May
After two months of sharp decline, pending home sales surged the most on record in May, as homebuyers rushed back to the market after the phased reopening of the economy. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI edged up 44.3% from 69.0 in… Read More ›
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Existing Home Sales Drop for a Third Month
Existing home sales, as reported by the National Association of Realtors (NAR), fell for the third straight month in May as the coronavirus pandemic shut down much of the country’s economic activity and hit the labor market. However, because existing sales are a reflection of closed contracts, sales likely reached a recession low point in the May data. Total existing… Read More ›
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Economic Well-Being of U.S. Households
The Federal Reserve Board recently released its Report on the Economic Well-Being of U.S. Households. The report provided results from the responses to the 2019 Survey of Household Economics and Decisionmaking (SHED), as well as from responses to a follow-up survey conducted in April 2020. Surveyed items included income, employment, dealing with expenses, banking and credit, housing, education, and retirement…. Read More ›
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Pending Home Sales Fall in April
Following a considerable drop last month, pending home sales fell for a second straight month in April, as economic and social activities were significantly reduced. The Pending Home Sales Index (PHSI), reported by the National Association of Realtors (NAR), is a forward-looking indicator based on signed contracts. The PHSI plunged 21.8% from 88.2 in March to 69.0 in April, the… Read More ›
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Existing Home Sales See Largest Drop in Nearly 10 Years
Existing home sales, as reported by the National Association of Realtors (NAR), fell for the second straight month in April as the coronavirus pandemic shut down much of the country’s economic activity and hit the labor market. Total existing home sales, which includes single-family homes, townhomes, condominiums and co-ops, dropped 17.8% to a seasonally adjusted annual rate (SAAR) of 4.33… Read More ›