April US existing home sales from the National Association of Realtors fell 2.7% to 5.858 million v forecasts of a 2 percent rise. Notably pressure is coming from the supply of existing homes for sale remains near all-time low levels. This is creating affordability pressures for prospective buyers. Mortgage rates have risen from record low levels as the economy reopens from coronavirus-induced restrictions. April 2021 US Existing Home Sales from the National Association of Realtors After months of gains … Continue reading “US Existing Home Supply Shortfall Sees Sales Fall Three Months Straight”
Real Estate firm Zillow returned a profit for the first quarter versus a loss a year ago. $Z is benefiting from the housing boom where US March housing starts soared in March 19.4%, the highest reading since June of 2006. The median existing home price was the highest on record.
The favorite inflation measure of the Fed, core PCE Price Index, which excludes food and energy, increased 0.4% ahead of consensus 0.3% and up from last month’s +0.1%, putting it up 1.8% year-over-year. The PCE Price Index jumped 0.5%, as expected, putting it up 2.3% year-over-year, the most since 2018
March US existing home sales from the National Association of Realtors rose 6.01m vs 6.11m expected. Sales -3.7% m/m vs -1.8% expected (-6.6% prior) from an upwardly revised 6.24 million (from 6.22 million) in February. Notably pressure is coming from the supply of existing homes for sale remains near all-time low levels. This is creating affordability pressures for prospective buyers. /p>
US March housing starts soared in March 19.4% m/m vs +13.5% expected, or 1739K v 1613K expected and February’s revised 1457K. The highest reading since June of 2006, after harsh winter weather affected activity in February. Building permits were 1766K v 1750K expected.
The Chinese economy rose 18.3% yoy in the first quarter, though lower than the market consensus of 19%. China’s growth accelerated from 6.5% growth in Q4 . This was the strongest pace of expansion since 1992 (when records were first published)
Inflation in China came in higher than expected levels for both the consumer and producer in March. CPI 0.4% y/y (vs. expected 0.3%) & PPI 4.4% y/y ( vs. expected 3.6%) the quickest pace of increase since 2018. China Inflation March 2021 Consumer price index CPI 0.4% y/y, vs expected 0.3% y/y, prior – 0.2% for the m/m at -0.5% This was the highest reading since October 2020. On a monthly basis, consumer prices fell by 0.5 percent in March, … Continue reading “China Consumer and Producer Inflation Pace Quickens in March”
The PBOC issued a research paper on the Chinese households credit situation highlighting that a household credit boom could tend to drag down economic growth more so than corporate debt. Mortgages are handcuffing China’s economic potential, as funding is redirected toward real estate and away from more productive uses.
US New Home Sales in February were 775K vs 870K expected and down from prior 923K. Sales -18.2% vs -5.7% expected to the lowest in 9 months. The Midwest sales fell 37.5% with extreme cold weather however all regions fell back so weather was not the only negative impact.
US Existing Home Sales in September 6.54 million much stronger than the expected up 9.4%% (est 5.0%; prev R 2.0%). This was the highest since 2006 at 6.30 million and previous (revised) 5.98M million. At 2.7m supply is the lowest since 1982