11/22: MetroIntelligence Economic Update by P. DUFFY

October existing home sales rose 1.9 percent from September and 4.6 percent year-on-year

Total existing-home sales increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year. The median existing-home price for all housing types in October was $270,900, up 6.2% year-on-year, while the level of unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3 months a year ago.



October Leading Economic Index slips again due to softening in labor market

The US LEI declined for a third consecutive month in October, this time by 0.1 percent, and its six-month growth rate turned negative for the first time since May 2016. The decline was driven by weaknesses in new orders for manufacturing, average weekly hours, and unemployment insurance claims.  The major difference this month is the softening in the labor market, whereas conditions in manufacturing remain weak and show no signs of improvement yet.



October new home mortgage applications increased 9.0 percent from September and 31.5 percent year-on-year

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2019 shows mortgage applications for new home purchases increased 9.0 percent from September and rose 31.5 percent compared from a year ago. This change does not include any adjustment for typical seasonal patterns.