Last week’s economic reports included Case-Shiller’s Home Price Indices, readings on new and pending home sales and Freddie Mac ‘s weekly mortgage rates report. Weekly jobless claims and reports on inflation and core inflation were also released.
Case-Shiller: Home Prices Higher in July, Home Prices May Have Peaked
Case-Shiller reported higher sales of new homes for July; the national reading for new home sales increased by 0.10 percent to a seasonally-adjusted annual rate of 5.90 percent. The 20-City Home Price Index rose by 0.20 percent to 5.80 percent on a seasonally adjusted annual basis.
NAHB Housing Market Index Slips Two Points in June
The National Association of Home Builders Housing Market Index for June fell by two points to 67 after a revision of May’s reading. Components of the Housing Market Index were lower for June with builder confidence in current market conditions two points lower at 73; June’s reading for builder confidence in market conditions for the next six months also fell two points to 76. Builder confidence in buyer traffic fell two points to 49. According to the Index, any reading over 50 indicates that more builders are confident than those who are not.
Case-Shiller: December Home Prices Highest in More Than Two Years
December home prices continued to rise per December readings for Case-Shiller’s National and 20-City Home Price Indices. On average, national home prices increased by 5,80 percent year-over-year and exceeded November’s year-over-year reading of 5.60 percent. The 20 City Index, which analysts follow more closely than the National Home Price Index, posted a year-over-year gain of 5.60 percent in December, which exceeded an expected reading of 5.40 percent and November’s year-over-year reading of 5.20 percent growth.
Case-Shiller: Home Price Growth Continues
Home increased in October according to Case-Shiller’s 20City Home Price Index. Home prices rose from September’s annualized reading of 5.40 percent to 5.60 percent. Factors contributing to rising home prices include stronger economic conditions and outlook along with short inventories of available homes coupled with high demand. On average, October home prices rose 5.10 percent on seasonally adjusted annual basis, which was unchanged from September’s reading.
