US Existing Home Sales Fall -2.4% in April as Mortgage Rates Rise

April US existing home sales from the National Association of Realtors fell 1.9% to 5.61 million below market forecasts of 5.65 million. This was the third straight month of declines. Higher rates are creating affordability pressures for prospective buyers. Mortgage rates have risen from record low levels as the economy reopened from coronavirus-induced restrictions. Existing home sales drop in April on demand slowdown Existing home sales data for April 2022 Highlights US April existing home sales 5.61m vs 5.65m expected Prior … Continue reading “US Existing Home Sales Fall -2.4% in April as Mortgage Rates Rise”

Home Prices Sharply Higher in Arizona and Florida in January 2022 says S&P CoreLogic Case-Shiller

US home prices increased rose 19.1% year-over-year in January, up from 18.9% in December as measured by the CoreLogic Case-Shiller 20-city home price index. Biggest rises were Phoenix, Tampa and Miami at 32.6%, 30.8% and 28.1%, respectively.   Case-Shiller January US 20-city home price index +19.1% y/y vs +18.6% prior Prices up 1.4% m/m FHFA index +18.2% y/y vs +17.7% prior FHFA index +1.6% m/m The strength in home prices continues to be very broadly based. All 20 cities saw … Continue reading “Home Prices Sharply Higher in Arizona and Florida in January 2022 says S&P CoreLogic Case-Shiller”

US Housing Starts Hit Nine Month High, up 1.4% as Building Permits Rise 9.1% in December

US housing starts rose in December 1.4% to a seasonally adjusted annualized rate of 1.702 mln units versus a consensus 1.650 mln from a revised 1.678 mln units in November (from 1.679 mln). Housing demand remains strong although high prices for building materials, lumber, supply constraints and labor shortages. Building permits rose 9.1% to a seasonally adjusted 1.873 mln in December up from a consensus 1.702 mln and a revised 1.717 mln in November (from 1.712 mln). The move suggests … Continue reading “US Housing Starts Hit Nine Month High, up 1.4% as Building Permits Rise 9.1% in December”

US Existing Home Sales Rise +1.9% in November Ahead of Expected Mortgage Rates Rise

November US existing home sales from the National Association of Realtors rose 1.9% to 6.34 million below market forecasts of 6.52 million. Pressure coming from the supply of existing homes for which is at 2.1 months vs 2.4 month prior. Higher rates is creating affordability pressures for prospective buyers. Mortgage rates have risen from record low levels as the economy reopened from coronavirus-induced restrictions. US November 2021 existing home sales Highlights 6.46m vs 6.52m expected, Prior 6.34m Sales change +1.9% … Continue reading “US Existing Home Sales Rise +1.9% in November Ahead of Expected Mortgage Rates Rise”

China Consumer Inflation Hits 15 month High With a Jump in Food Prices

Inflation in China rose to 2.3% in November 2021, the highest figure since August 2020 from 1.5% a month earlier. Market consensus was 2.5%. Food prices and a further rise in cost of non-food items both rose. The cost of food increased for the first time in six months. China inflation November 2021 Consumer price index CPI 2.3% y/y, vs expected 2.5% y/y, prior 1.5% CPI 0.4% m/m, vs expected 0.4% y/y, prior 0.7% Highest since August 2020, boosted by … Continue reading “China Consumer Inflation Hits 15 month High With a Jump in Food Prices”

US New Home Sales Miss Forecasts in October, Revised Lower in September

US new home sales for October were 745K vs 800K estimate. The prior month of 800K was revised sharply lower to 742K) However, the median sales price increased to $407,700 in October, the highest on record.  That was the largest increase in the median sales price on record as it increased to $407,700 in October. October US New Home Sales US October new home sales 745K vs 800K expected Prior 800K (revised to 742K) On a year-over-year basis, new home sales … Continue reading “US New Home Sales Miss Forecasts in October, Revised Lower in September”

Home Prices Rose Record 19.9% yoy in July 2021 says S&P CoreLogic Case-Shiller

US home prices increased at a new record 19.9% yoy in July 2021, following a 19.1% rise in June S&P as measured by the CoreLogic Case-Shiller 20-city home price index. Biggest rises were Phoenix (32.4%), San Diego (27.8%), and Seattle (25.5%)

US Housing Starts Rose 3.9% in August Surging in The Northeast 167.2%

US housing starts rose in August 3.9% m/m vs -7% prior, or 1615K v July’s revised 1554K. Starts surged the most in the Northeast (167.2% to the highest level since January). Building permits rose 6.0% m/m ighest level since April.

Record High U.S. House Prices Hitting New and Existing Home Sales

US May existing and new home sales both came out much lower than expected. It shouldn’t be that big a surprise given just how much prices have risen and how many people have been financially crippled by the COVID lockdown. Low inventory also frustrated potential buyers.