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MARKET RECAP
New home sales were at a seasonally adjusted rate of 662,000 in February, a 0.3% decline from the month before. Economists were expecting a slight increase. Annually, sales were still up 5.9%. The median new home price declined as well – down 7.6% year-over-year.
The FHFA home price index slipped 0.1% month-over-month in January. It was expected to increase 0.2%. Annually, prices are still up 6.3%.
The 20-city Case-Shiller home price index inched up 0.1% month-over-month and 6.6% year-over-year in January. This was as expected.
Mortgage application submissions decreased a composite 0.7% during the week ending 3/22. The Refinance Index declined 2% while the seasonally adjusted Purchase Index only slipped 0.2%.
Continuing jobless claims climbed by 24,000 during the week ending 3/15 to reach a level of 1,819,000. Initial jobless claims fell by 2,000 during the week ending 3/23 down to a level of 210,000.
The Q4 GDP estimate fell to 3.4%, which was higher than the expected 3.2%.
Pending home sales rose above expectations in February, climbing 1.6% month-over-month.
The core PCE index from February came in as expected at 0.3% month-over-month and 2.8% year-over-year. Personal income was lower than expected at 0.3% while consumer spending came in higher than expectations at 0.8%.
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