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Saturday, September 28, 2013

New Home Sales Rebound in August

Following a sharp decline in July, new home sales rose 7.9 percent in August to a 421,000-unit annual pace. Previous months’ data were downwardly revised. Inventories rose 3.6 percent on the month.

Friday, September 20, 2013

Existing Home Sales Unexpectedly Climb in August

The threat of higher mortgage rates encouraged would-be homebuyers to go ahead and close the deal last month. Looking ahead, sales activity is likely to be uneven but should continue to trend higher.

Buyers Close Deals on Rate Scare Following a 6.5 percent gain in July,
total existing home sales unexpectedly increased 1.7 percent in August to an annualized
pace of 5.48 million units, a six-and-a-half year high. Similar
sized monthly gains were seen in single family and condos.

By region, higher sales activity was seen in the South and
Midwest. Sales in the Northeast were flat while sales in the
West declined 2.3 percent following a strong July gain.
In the Face of Rising Rates, Sales Outlook Still Solid

Home price appreciation remained solid last month, as single family
home prices are up 14.4 percent year-over-year. Fewer
distressed properties and lean inventories continue to support
home price appreciation.

We remain positive on the outlook as the U.S. economy
continues to advance with moderate job growth

Leading Indicators Point Toward Further Growth

The Leading Economic Index (LEI) rose 0.7 percent in August with nearly all components pointing toward continued growth. Financial indicators were the biggest support, while permits were a negative.

The sole negative in today’s report stemmed from building
permits. Permits fell in August on the heels of a decline in the
volatile multifamily sector, but single-family permits point to the
housing market continuing to recover after a slow summer.

Single-Family Starts Rebound in August

Housing starts rose 0.9 percent in August to an 891,000-unit pace with all of the gain in single-family. Single-family starts rose 7.0 percent, while multifamily starts fell 11.1 percent. Permits dipped 3.8 percent.

VIDEO: Monthly Economic Outlook - September

Friday, September 6, 2013

Construction Spending Posts Another Gain in July

Construction spending rose 0.6 percent in July, which shows consistent improvement. While private residential and nonresidential spending increased on the month, public outlays were down 0.3 percent.