Existing Home Sales up. Is Supply Elasticity Returning?

Initial Jobless Claims (week ended 3/16/2013)

– New Claims 336,000. Previous revised to 334,000 – 4-week Moving Average 339,750

Existing Home Sales (February 2013)

– Existing Home Sales (seasonally adjusted, annualized) 4,980,000.  Previous was 4,940,000 .

Supply of Homes for Sale rose 9.6% to 1,940,000 units.  This appears to be an awakening of supply elasticity in response to higher values.  “Supply elasticity” means that supply should increase as prices increase.  Fewer people are now underwater and can sell without parting with cash.  The effect of a return to supply elasticity should be to keep prices flatter.

FHFA House Price Index (January 2013)

– Month/Month 0.6% – Year/Year +6.5%

Philadelphia Federal Reserve Survey (March 2013)

– General Business Conditions is +2, Previous was -12.5

Leading Economic Indicators (February 2013)

– Leading Indicators was +0.5%. Previous was +0.2%.  LEI is simply a rehash of previously released data.