Eye on the economy
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Our biweekly review of the state of the housing economy. We cover everything from consumer confidence to home prices!
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Eye on the economy
- 1. Eye on the Economy New Home Sales Jump in August October 2, 2014 eyeonhousing.org
- 2. New Home Sales 2 •New home sales rebounded in August • Increased 18% to a seasonally adjusted rate of 504,000 •August rate up 33% over August 2013 •Indicative of ongoing recovery • Read more here
- 3. New Single-family Home Inventory 3 •Inventory of new single-family homes increased to 206,000 (non-seasonally adjusted) •48,000 were completed, ready to occupy residences •Months’ supply fell to 4.8 months • Read more here
- 4. Mortgage Interest Rates 4 •Mortgage interest rates remain historically low •Average effective interest for new home sales was 4.25% in August • Read more here
- 5. Housing’s Share of GDP 5 •Housing’s share of GDP was 15.5% •3.1% due to residential construction • Home building & remodeling • Read more here •GDP grew 4.6% in second quarter • Read more here
- 6. Construction Spending 6 •Construction spending declined 0.1% in August • Decline due to weakness in the remodeling sector • Read more here
- 7. Existing & Pending Home Sales 7 •August existing home sales down 5.3% year-over-year • Read more here •Pending sales fell 1% in August • Read more here • Declines suggest withdrawals of investor and cash home buyers
- 8. Home Prices 8 •Case-Schiller national index was up 5.6% year-over-year in August • 27th consecutive month increase •Home prices have risen almost 21% over the last two years • Read more here •Household balance sheets improve •Value of owner-occupied real estate reaching 20.2 trillion in second quarter • Read more here
- 9. State & Local Taxes 9 •Rising prices have increased property tax revenue • Reached a $493 billion annual rate for all property sources •Property Taxes make up 40.3% of state and local tax receipts • Read more here
- 10. Population Survey 10 •Workers under 35 realized income gains in 2013 • In 2012 experienced an almost 1% drop in median income • Same cohort experienced a 1.1% increase last year •Surveys show homeownership is an important goal for Millennials • Despite being delayed • Read more here
- 11. Mixed Readings on Consumer Confidence 11 •In September, Thomson Reuters/University of Michigan measured an increase in consumer sentiment • Read more here •The Conference Board Consumer Confidence Index declined • Due to concerns about current and future employment conditions • Read more here