Existing Home Sales Healthy Despite Regulatory Disruption

Existing Home Sales (December 2015)

– Existing Home Sales seasonally adjusted, annualized 5,460,000. Previous was 4,760,000
– Existing Home Sales month/month +14.7%  Previous was -10.5 %
– Existing Home Sales year/year +7.7%. Previous was -3.8%

These data are difficult to interpret because TRID rules hurt Sales in November and pushed them into December. While the month/month comparisons are meaningless for those 2 months, the fact that sales were +7.7% year-on-year speaks to a generally healthier housing market.

In December, cash buyers accounted for 24% of existing home sales, and first time buyers were 32%.

Full existing home sales report here, and today’s other economic data releases below.

Chicago Federal Reserve National Activity Index (December 2015)

– Level  -0.22. Previous was -0.30
– 3 Month Moving Average -0.20

This is a weighted average of 85 indicators of economic activity.  This is the 5th consecutive month the indicator has been negative.

PMI Manufacturing Index Flash  (January 2016)

– level   52.7. Previous was 51.3.

Improvements in manufacturing indices have been rare of late.

Leading Economic Indicators (December 2015)

– Leading Indicators month/month +0.1%. Previous was +0.1%.

LEI will likely suffer when January is published next month with equities getting hammered and jobs growth moderating.