9/20: MetroIntelligence Economic Update by P. DUFFY

August existing home sales rose to 17-month as inventory slipped to 4.1 months August existing-home sales rose 1.3 percent from July and 2.6 percent year-on-year to a seasonally adjusted annual rate of 5.49 million to the highest level in 17 months.  The median existing-home price rose to $278,200, up 4.7 percent from August 2018.  Unsold inventory is at a 4.1-month supply at the current sales pace, down from 4.2 months in July and from the 4.3-month figure recorded a year ago. https://www.nar.realtor/newsroom/existing-home-sales-increase-1-3-in-august   August Leading Economic Index unchanged as economy…

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9/19/: MetroIntelligence Economic Update by P. DUFFY

September builder confidence rises to highest level this year Builder confidence in the market for newly-built single-family homes rose one point to 68 in September from an upwardly revised August reading of 67, for the highest rating this year.  Sentiment levels have held in the mid- to upper 60s since May and September’s reading matches the highest level since last October. https://www.nahb.org/news-and-publications/press-releases/2019/09/builder-confidence-hits-yearly-high-in-sept.aspx   August housing starts up 12.3 percent from July and 6.6 percent year-on-year Privately‐owned housing starts in August were at a seasonally adjusted annual rate of 1,364,000.  This…

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