US Home Price Gains Slow To Over 6 Year Low Says Case-Shiller

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  • #20284
    Helmholtz Watson

    House prices rose a seasonally adjusted 0.1% in…



    Big jump in #mortgage applications with lower rates

    MBA W/E. 22 March +8.9% vs +1.6% prior
    Purchase index 267.5 v 251.5 prior
    Market index 424.6 v 390.0
    Refinancing index 1,289.5 v 1,146.8
    30-year mortgage rate 4.45% v 4.55%

    See if there is a flow on into the housing numbers


    US Feb pending home sales -1.0% m/m vs +0.7% expected

    Prior was +4.3% (revised from +4.6%)

    Sales -4.9% y/y vs -3.0% expected
    Prior -2.6% revised

    Contracts to buy previously owned US homes fell 4.9 percent from a year earlier in February of 2019, following an upwardly revised 2.6 percent decline in January.

    14th straight month of annual decreases in pending home sales.

    Sales dropped in all 4 main regions:
    the West (-9.6 percent),
    the Midwest (-6.1 percent),
    the South (-2.9 percent)
    the Northeast (-2.6 percent).

    On a month-over-month basis, sales shrank 1 percent, after a downwardly revised 4.3 percent rise in January and compared to market expectations of a 0.7 percent gain. Pending Home Sales in the United States averaged 0.75 percent from 2002 until 2019, reaching an all time high of 30.90 percent in October of 2009 and a record low of -24.30 percent in April of 2011.


    US Sales of New Single-family houses rose 4.9 percent in February of 2019

    Big Positive Surprise

    US new home sales for February 667K vs 620K estimate
    Previous month upwardly revised 636 thousand in January

    It is the highest reading since March of 2018 as sales increased in the Northeast, the Midwest and the South but were flat in the West.

    New Home Sales in the United States averaged 650.30 Thousand units from 1963 until 2019, reaching an all time high of 1389 Thousand units in July of 2005 and a record low of 270 Thousand units in February of 2011.

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