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Economy in Brief
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
German Federal Debt Levels Fall
German debt level fell outright in Q4 2016 as the ratio of federal debt-to-GDP also fell...
NABE 2018 Forecast: Modest Improvement in Economic Growth & Higher Inflation
The NABE expects 2.5% real U.S. economic growth in 2018 compared to 2.3% forecast for 2017...
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
by Tom Moeller August 31, 2016
The National Association of Realtors (NAR) reported that pending home sales increased 1.3% during July following a 0.8% June decline, revised from +0.2%. These sales are reported as an index with 2001=100. The July value of 111.3 was 3.2% below the April peak, but 44.4% higher than the June 2010 low.
Sales were mixed last month throughout the country. They jumped 7.3% in the West to the highest level since June 2013. Sales increased 0.8% in the Northeast, but have moved erratically sideways this year. In the South, sales also rose 0.8%, but were 5.1% below the April high. To the down-side by 2.9% were sales in the Midwest. They have fallen 6.9% below a March peak.
The pending home sales figures are analogous to the new home sales data from the Census Bureau. They measure home sales when the sales contract is signed, not at the time the sale is closed. In developing the model for the index, the NAR demonstrated that the level of monthly sales contract activity parallels the level of closed existing home sales in the following two months. The series dates back to 2001 and the data are available in Haver's PREALTOR database.
|Pending Home Sales (%, SA)||Jul||Jun||May||Jul Y/Y||2015||2014||2013|