Today’s fundamentals: new home sales and University of Michigan Consumer Sentiment.
New Home Sales
Today’s jobs and housing data looks ok.
Supply has not gone up enough to prevent prices from rising.
Roundup today’s fundamentals: home prices, new home sales, chain store sales, consumer confidence
New Home Sales (December 2012) – New Home Sales (seasonally adjusted, annualized) 369,000. Previous was 398,000 revised upward from the prior reported 377,000. By comparison, before the housing bubble bust New Home Sales were in the 600,000+ range. There is still inventory to clear from foreclosures and that inhibits building but only modestly. Rising prices
Jobless Claims (week ended 12/22/2012) – Initial Claims 350,000. Previous was revised to 362,000 – 4-week Moving Average 356,750 Data for last week may not be reliable. There were 2 days off and data was collected for only 31 states. The others were estimated. New Home Sales (November 2012) – Sales were 377,000 (seasonally adjusted,
New Home Sales (September 2012) – New Home Sales (seasonally adjusted annualized rate) – 389,000. Previous was 368,000 – The median price of a new home sold was down 3.2% which breaks a string of increases. A slow, steady increase in New Home Sales is a healthy sign but… MBA Mortgage Applications (week ended 10/19/2012)
Housing New Home Sales (August 2012) – 373,000 Seasonally Adjusted Annualized Rate – Previous was 374,000 Mortgage Bankers Association Applications (week ended 9/21/2012) Purchase Index – Week/Week +1.0% Refinance Index – Week/Week +3.0% Composite Index – Week/Week +2.8% Bloomberg headlines with “Sales of New U.S. Homes Hover Near a Two-Year High” which I suppose is
Some perspective on New Home Sales
Mark this as: improved but still weak