According to the S&P Case-Shiller 20-City Home Price Index, home price growth in May dropped to a seasonally adjusted annual rate of 5.20 percent as compared to April’s reading of 5.40 percent. Analysts said that low mortgage rates continue to support housing markets, but also noted that affordability due to rising home prices is sidelining some would-be buyers. High demand for homes coupled with slim supplies of available homes have driven prices up for months; analysts said that “tentative signs” of slower gains in home prices were seen.
Last week’s economic reports included new home sales, pending home sales along with weekly mortgage rates and new jobless claims.
This week’s report of economic events is shortened due to the Christmas holiday. Economic news through Wednesday included Existing Home Sales, New Home Sales and Consumer Spending.
Last week’s scheduled economic news included reports on new and existing home sales, the FHFA House Price Index, and weekly reports on mortgage rates and new jobless claims. The week finished with a report on consumer sentiment.
Last week’s economic reports included reports on new and existing home sales and FHFA’s monthly home price index for properties associated with Fannie Mae and Freddie Mac mortgages. The details:
The Department of Commerce reported July sales of new homes dropped by 2.40 percent over June to a four month low. Analysts noted that although July’s reading of 412,000 new homes sold fell short of expectations and June’s reading, the new homes sector is volatile and subject to change.
According to the Commerce Department, New Home Sales slipped 1,000 units last month, falling to 368,000 units on a seasonally-adjusted, annualized basis.
Pricing for both conforming and FHA mortgage rates improved between Monday and Friday, with the majority of gains occurring late in the week.
According to the U.S. Census Bureau, the number of new homes sold jumped to 389,000 units in September 2012 on a seasonally-adjusted, annualized basis.
According to the U.S. Census Bureau, the number of new homes sold slipped 0.3 percent in August 2012 to a seasonally-adjusted, annualized 373,000 units sold.