New Home Sales down, Prices up.

ICSC-Goldman Store Sales (week ended 3/22/2014)

– Store Sales week/week -1.5%. Previous was +0.7%

– Store Sales year/year +1.7%. Previous was +1.5%

Redbook Store Sales (week ended 3/22/2014)

– Store Sales year/year +3.1%. Previous was +2.8%

FHFA House Price Index  (January 2014)

– Month/Month +0.5%. Previous was +0.7%

– Year/Year +7.4 %. Previous was +7.5%

These are prices for homes purchased using FNMA or FHLMC lending.

S&P Case-Shiller Home Price Index (January 2014)

– 20-city, seasonally adjusted month/month +0.8%. Previous was +0.8%

– 20-city, not seasonally adjusted month/month -0.1%. Previous was -0.1%

– 20-city, not seasonally adjusted- year/year +13.2%. Previous was +13.4%.

I never see higher home prices as being good for the economy.  Home loan payments or rent eat too much of people’s income.  Where I live (San Francisco) folks vote down new housing and then complain that rents are too high.

New Home Sales (February 2014)

– New Home Sales – Level (seasonally adjusted, annualized rate) 440,000. Previous was 468,000.

Consumer Confidence (March 2014)

– Confidence 82.3. Previous was 78.3.

This is a strong reading and is supposed to measure consumer spending in the next 3 months.

Richmond Federal Reserve Manufacturing Index  (March 2014)

– Level -7. Previous was -6.