2/27: MetroIntelligence Economic Update by P. DUFFY

January new home sales rose to highest rate in 12.5 years, supply declined to 5.1 months

Sales of new single‐family houses in January 2020 were at a seasonally adjusted annual rate of 764,000, for the highest rate in 12.5 years, and also up 7.9 percent from December and 18.6 percent year-on-year.  Inventory fell to just 5.1 months of supply versus 5.5 months in December and 6.5 months in January 2019.



Case-Shiller Index rose 0.5 percent in December and 3.8 percent year-on-year 

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 3.8% annual gain in December, up from 3.5% in the previous month. After seasonal adjustment, the National Index posted a month-over-month increase of 0.5%.



Consumer confidence index improves slightly in February

Consumer confidence improved slightly in February, rising from 130.4 to 130.7, following another increase in January.  Despite the decline in the Present Situation Index, consumers continue to view current conditions quite favorably. Consumers’ short-term expectations improved, and when coupled with solid employment growth, should be enough to continue to support spending and economic growth in the near term.