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The S&P CoreLogic Case-Shiller home price index tracks was unchanged from June to July, and up only 2.0% year-over-year. 14 of the 20 cities measured saw increases, led by Phoenix and Las Vegas up 5.8% and 4.7% respectively.
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The Federal Housing Finance Agency (FHFA) house price index appreciated 0.4% month-over-month in July.
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In August, the consumer confidence index fell to 125.1, a three-month low.
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The weekly mortgage application survey declined a composite 10.1% for the week ending 9/20. New purchase application submissions declined 3.0% and refinance application submissions dropped 15.0%.
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In August, the new home sales report increased 7.1% month-over-month to a seasonally adjusted annual rate of 713,000. Year-over-year sales were up 18%. New home sales data can be volatile from month to month, but August’s figure is almost a 12-year high.
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For the week ending 9/21, initial jobless claims increased to a level of 213,000. Continuing claims declined to a level of 1.65 million. The General Motors strike may have influenced this week’s data, jobless claims in Michigan nearly doubled.
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GDP is a country’s most comprehensive economic scorecard. The revision for second quarter showed the economy expanded at a rate of 2%, unchanged from the previous estimate. Consumer spending was strong, but business investment has declined.
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The pending home sales index increased 1.6% month-over-month and 2.5% year-over-year in August.
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In August, personal income increased 0.4% month-over-month and consumer spending inched up 0.1% month-over-month. Core inflation is up 1.8% year-over-year, below the Fed’s targeted 2% rate.
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In September, the consumer sentiment index increased to a level of 93.2, a rebound from August’s three-year low.
