MetroIntelligence Economic Update by P. DUFFY
October pending home sales fall to lowest level since index was started in 2001
The Pending Home Sales Index (PHSI) dropped 1.5% to 71.4 in October, the lowest number since the index was originated in 2001. Year over year, pending transactions declined 8.5%
The Northeast PHSI jumped 2.7% from last month to 64.8, although representing a loss of 6.5% from October 2022. The Midwest index contracted 0.4% to 73.8 in October, down 10.3% from one year ago. The South PHSI decreased 1.9% to 85.6 in October, declining 7.1% from the prior year. The West index fell 6.0% in October to 51.8, dipping 10.8% from October 2022.
https://www.nar.realtor/newsroom/pending-home-sales-fell-1-5-in-october
Case-Shiller Index up 0.3 percent in September and 6.6 percent since January
The S&P CoreLogic Case-Shiller National Composite rose by 0.3% in September, marking eight consecutive monthly gains since prices bottomed in January 2023. The Composite now stands 3.9% above its year-ago level (up from a 2.5% annual gain last month) and 6.6% above its January level. After seasonal adjustment, the U.S. National Index, the 10-City and 20-City Composites each posted month-over-month increases of 0.7%.
New home sales fall 5.6 percent in October but up 17.7 percent year-on-year
Sales of new single‐family houses in October 2023 were at a seasonally adjusted annual rate of 679,000. This is 5.6% below the revised September rate of 719,000, but is 17.7% above the October 2022 estimate of 577,000. The median sales price of new houses sold in October 2023 was $409,300, down 3.1% from September and 17.6% year-over-year. The average sales price was $487,000, down 5.5% from September and 10.4% year-over-year. The seasonally‐adjusted estimate of new houses for sale at the end of October was 439,000. This represents a supply of 7.8 months at the current sales rate versus 7.2 months in September.