THE BASIS POINT

Home Sales and Prices up in Sane Manner.

 

Redbook Chain Store Sales (week ended 8/22/2015)

– Store Sales year/year +1.7%. Previous was +1.6%

 

FHFA House Price Index (June 2015)

– month/month +0.2%. Previous was +0.5%
– year/year   +5.6%. Previous was +5.7%

 

S&P Case-Shiller HPI  (June 2015)

– 20-city, seasonally adjusted month/month -0.1%.  Previous was -0.1%
– 20-city, not seasonally adjusted month/month +1.0%.  Previous was +1.1%
– 20-city, not seasonally adjusted year/year  +5.0%.  Previous was +5.0%.

Home price appreciation is modest especially given the low inventories.  Toughened mortgage qualification standards have restrained buyers.  This is not a bad thing.  The housing bubble was the result of making mortgages to folks who could not afford the payments.

 
PMI Services Flash  (August 2015)

– Level  55.2. Previous was 55.2

 

New Home Sales  (July 2015)

– New Home Sales seasonally adjusted, annualized   507,000. Previous was 481,000.

 

Consumer Confidence  (August 2015)

– Consumer Confidence 101.5. Previous was 91.0

This is the metric from The Conference Board.

 

Richmond Federal Reserve Manufacturing Index  (August 2015)

– Level  0. Previous was 13.

 

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