Last week's scheduled economic events were packed into Tuesday and Wednesday, but several housing-related reports were released including the Case-Shiller National and 10-and 20-City Home Price Indices for September, The FHFA House Price Index also for September, and New and Pending Home Sales for October.
According to the Case-Shiller National Home Price Index, annual home price growth slipped to a seasonally-adjusted rate of 4.80 percent in September. This was 0.30 percent lower than August's year-over-year reading of 5.10 percent.
After months of reports of slowing home price momentum and forecasts of a lagging housing market, we are pleased to report an increase in volume of existing home sales.
Last week's economic news included several housing-related reports that provided mixed results with lower than expected sales of previously owned homes and higher than expected sales of new homes.
Sales of previously owned homes fell in August according to the National Association of REALTORS. This was the first decline in sales in five months. Although not welcome news to homeowners and real estate pros, there is good news...
Last week's economic news included several reports related to housing. The Case-Shiller and FHFA reports for June showed a further slowing in home price growth. New home sales for July fell short of the expected reading, but pending home sales exceeded expectations.
The Case-Shiller 10 and 20-City Home Price Indices for June reported year-over-year gains of 8.10 percent while the Case-Shiller National Home Price Index covers all nine census regions and reported a year-over-year gain of 6.20 percent.
According to the National Association of REALTORS®, existing home sales surpassed both May sales and expectations for June
Last week brought several economic and housing sector reports including Existing Home Sales, Case-Shiller and FHFA home prices for April, as well as New Home Sales.
Last week's economic news was fairly quiet due to the Memorial Day holiday on Monday and no scheduled news released on Wednesday.
Last week's economic news supported the general outlook for moderate economic growth. Housing related news included the National Association of Home Builders / Wells Fargo Housing Market Index for April and Housing Starts for March.
The NAR provided great year-end news as existing home sales in December pushed 2013 sales of existing homes to a 7 year high.