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11/28: MetroIntelligence Economic Update by P. DUFFY

October new home sales jump 31.6 percent year-on-year to pace last seen over 12 years ago

Sales of new single‐family houses in October 2019 were at a seasonally adjusted annual rate of 733,000, down 0.7 percent from September but up a huge 31.6 percent year-on-year.  Sales in October and September were the highest in more than 12 years.

https://www.census.gov/construction/nrs/pdf/newressales.pdf

 

September Case-Shiller index up 0.4 percent from August and 3.2 percent year-on-year

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 3.2% annual gain in September, up from 3.1% in the previous month. After seasonal adjustment, the National Index recorded a 0.4% month-over-month increase in September.

https://us.spindices.com/documents/indexnews/announcements/20191126-1039961/1039961_CSHomePrice_Release_1126.pdf?force_download=true

 

November consumer confidence slips for fourth month but remains at high levels

Consumer confidence declined for a fourth consecutive month to 125.5 in November driven by a softening in consumers’ assessment of current business and employment conditions. However, consumers’ short-term expectations improved modestly, and growth in early 2020 is likely to remain at around 2 percent. Overall, confidence levels are still high and should support solid spending during this holiday season.

https://www.conference-board.org/data/consumerconfidence.cfm

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