THE BASIS POINT

Fundamentals 7/26: Home Sales, Prices Still Weak

 

June New Home Sales
-New Home Sales: 312,000 (annualized)
-312k is less than half 700k economists consider healthy
-Down 1% from May, up 1.6% from June 2010
-Median new home sales price up 7.2% to $235,200
-Average new home sales price $269,000
-60% of the gain is in the South
-6.3 months supply at current sales rate
-Details here

May S&P Case-Shiller Home Price Index
-20 city composite, Month/Month: +0.6%
-20 city composite, Year/Year: -4.5%
-20 city composite prices down -32.3% from June/July 2006 to May 2011
-Average US home prices at summer 2003 levels
-Housing will still suffer until jobs pick up and post-bubble inventory is cleared
-May Case Shiller Charts Below & here’s full report

Consumer Confidence
Consumer Confidence increased from 58.5 to 59.5. An increased percentage of those surveyed said that they were having trouble finding jobs. To some extent, increased Consumer Confidence (which is a survey of attitudes rather than hard data) reflects lower gasoline prices.

Details are avialable from the Conference Board.

Retail Sales
ICSC-Goldman Store Sales
– Store Sales – Week/Week change +0.3 %
– Store Sales – Year/Year +4.2 %

Redbook Store Sales
Store Sales Year/Year change +3.5 %

 

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